The CFPB and three other federal agencies issued a statement highlighting concerns about bias in automated systems. The CFPB is particularly concerned about home valuations, lending and marketing.
The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative.
The CFPB is committed to keep working to protect prospective applicants under Regulation B, its implementing regulation of the Equal Credit Opportunity Act, according to Patrice Ficklin, the bureau’s fair lending director.
Two attorneys at Orrick shared strategies that mortgage lenders can use to defend themselves in federal redlining cases, including questioning the data analysis used to bring a case.
In a special edition supervisory highlights report, the CFPB revealed old and new ways in which mortgage servicers are attempting to collect unlawful fees from borrowers.
In a joint statement of interest filed in the District Court of Maryland, the two regulators said a lender relying on an appraisal that it knows, or should know, is discriminatory violates both the ECOA and the Federal Housing Act.
RMK Financial/Majestic Home Loans continued to use advertisements that led consumers to believe it was affiliated with the FHA or VA in violation of a 2015 consent order.
The Appraisal Foundation plans to revise ethics rule draft; CashCall faces $169 million in restitution and fines; companies not reporting credit card payment data; public benefits programs subject to fees; CFPB, FTC seek input on tenant background checks; DOJ redlining settlement.
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