While it will take time for banking agencies to issue guidance and create tools facilitating compliance with the newly finalized Community Reinvestment Act rule, banks should get the ball rolling at their end, attorneys said.

Attorney Chris Willis of Troutman Pepper said lenders may still be able to narrowly tailor the use of immigration status in credit decisions while staying compliant with recent guidance from the CFPB and DOJ.

A CFPB working paper found that lender-identified race and ethnicity data on mortgage applications more closely correlates with the probability an individual is of a given race than applications with self-identified race information. The largest differences were for Hispanic and Black applicants.

In a new report, the Federal Reserve said nearly 60% of the compliance violations it observed at banks in 2022 were related to reporting under the Home Mortgage Disclosure Act.

Members on the Federal Reserve and FDIC boards who opposed approving the revised Community Reinvestment Act standards said the new rule could put regulatory burdens on banks.

The CFPB proposed a rule seeking to supervise larger nonbank companies that offer services such as digital wallets and payment apps.

The Community Home Lenders of America has proposed a “uniform annual exam” system for nonbanks that would focus on data that is routinely required by states.

AFSA asks CFPB to withdraw guidance on powerbooking; White House issues executive order on artificial intelligence; CFPB takes action against Citi for discriminating against Armenian Americans.

Some 30 jurisdictions across states and territories now have a law or regulation permitting mortgage loan originators to work remotely.

CFPB Director Rohit Chopra said the bureau will begin conducting supervisory examinations on nonbank payment platform operators and would issue further orders to big tech firms for information on their use of personal finance data or private currencies.