The new standards for fair lending enforcement are set to take effect in July. Industry attorneys have warned that the changes to ECOA regulations don’t signal the end of fair lending risk for lenders.

With the Trump administration working under CRA requirements set in 1995, fair housing advocates asked states to step up and implement their own CRA laws.

A California district court upheld a plaintiff’s California Consumer Privacy Act claim against PHH Mortgage for sharing his personal information without his consent.

A senior official at NYDFS said the state regulator isn’t trying to fit buy now, pay later loans into an outdated regulatory box, but is trying to ensure the framework reflects the product as it actually exists today.

Sheila Oliver, deputy commissioner at the California Department of Financial Protection and Innovation, advised mortgage companies to have strong monitoring systems to verify per diem interest after loan closing and detect any adverse events impacting their systems.

Industry attorneys see 2025 as a “ramp up period” as certain states look to fill the federal enforcement void.

If enacted as proposed, the rule would impose substantial regulatory requirements onto buy now, pay later providers.

The Foundation Against Intolerance and Racism claimed that a Washington state special purpose credit program violated a clause of the 14th Amendment by using race-based criteria for eligibility.

The National Consumer Law Center said the proposals will reduce price transparency, create an unlevel playing field and will make homeownership more expensive for consumers.

The new rule codifies financial institutions’ existing obligations under the state antidiscrimination law.