Banks significantly increase residential lending to minority borrowers after enforcement decisions and orders, according to a new study by economists at the Federal Reserve.
While affirming a district court ruling against CashCall, a three-judge panel of the Ninth Circuit Court of Appeals said the California-based lender’s behavior was reckless and justified higher penalties.
SEC administrative adjudications found unconstitutional; NCRC settles with Movement Mortgage; CFPB and New York attorney general settle case against debt collectors.
Attorneys believe the bureau categorizing some enforcement cases as fair lending-related, even without violations of the Equal Credit Opportunity Act, suggests a shift in its approach on the issue.
The advice from attorneys at the law firm Venable centered around understanding enforcement entities’ motivations and circumstances for bringing the claims.
The megabank is also required to refund at least $592,000 in garnishment-related fees to harmed consumers, reform its system for processing garnishments and update language in contracts with consumers.