America’s Moneyline claims officials of United Wholesale Mortgage had assured the broker that provisions of the controversial “all-in” agreement wouldn’t be enforced.
The CFPB has issued a detailed process for submission of rulemaking petitions by members of the public. The move is aimed at increasing transparency and curtailing lobbying by former government employees.
The change signals that the CFPB may start bringing more enforcement cases in-house, with the bureau director deciding what does and does not violate the law, according to Mayer Brown attorneys.
Without proper safeguards, the bureau warned, flawed versions of automated valuation models could “digitally redline certain neighborhoods and further embed and perpetuate historical lending disparities.”
Rocket Mortgage, the nation’s largest overall lender and the very first participant in the pilot, said the examination process was an “overwhelming” and “exhausting” experience.
The bill would impose a Community Reinvestment Act-like framework for evaluating the performance of financial institutions in meeting the needs of the communities they serve.
Both industry and consumer groups welcomed OCC’s principle-based approach to large banks’ management of climate-related financial risk. Most of the feedback focused on scenario analysis related to climate-related risks.
The DOJ said its support of the Fair Housing Act lawsuit underscores the Biden administration’s seriousness in addressing ongoing legacies of residential segregation and discrimination.