2013 Guide to Fair Lending Compliance Print edition with shipping in the U.S.
The Obama administration has made fair lending enforcement a top priority, and it shows from the vigorous attention that the federal government is placing on the issue. The fair lending unit at the US Department of Justice is strengthening partnerships with other federal agencies and pursuing referrals from bank regulators. Since October 2011, it has settled 12 fair lending cases, securing more than $600 million in compensation to victims.
It’s not just enforcement; the rules and regulations behind fair lending are also strengthening. The Department of Housing and Urban Development in 2013 codified its long-standing ban on practices that have the effect, even if not the intent, of discriminating against protected classes.
Inside Mortgage Finance's Guide to Fair Lending Compliance details the latest fair lending issues, with insight from officials at the DOJ, industry attorneys and former officials at the CFPB. The Guide covers how the DOJ handles referrals of potential fair lending violations, looks at recent fair lending actions, examines the CFPB’s enforcement practices, and delves into HUD’s final rule on disparate impact.
Learn more about how the feds are tackling fair lending regulation and enforcement—and how you can avoid being a target of a future action. Order your copy today.
Partial Table of Contents
Referrals to the DOJ
Recent Fair Lending Actions
Gomez v. Quicken Loans
U.S. v. Texas Champion Bank
Litigation Instead of a Settlement
Policies Favoring Minority Borrowers
Issues with Real Estate-Owned Properties
The CFPB and Fair Lending
Fair Lending Exams
Absence of Brightline Tests
Compliance Management Systems
The Ability-to-Repay Rule and Qualified Mortgages
Standards for Discretionary Items
File Reviews and Modeling
Complaints from Borrowers
HUD’s Discriminatory Effects Rule
Legally Sufficient Justification
Application to Servicers