Links in “Fair Lending”

The CFPB and DOJ entered into a proposed consent order with Provident Funding Associates regarding its broker compensation policy, which resulted in higher fees to minority borrowers. While rules restricting loan originator compensation have reduced pricing variations in recent years, pricing variations continue to exist. Hence, even if your lending is compliant, pricing variations must be carefully assessed for fair lending risk. [6/2/15]

It’s clear that the CFPB sees accurate and comprehensive HMDA data as a key tool in enforcing fair lending compliance. Last year the Bureau proposed sweeping changes to the HMDA data collection rules and is looking now to finalizing that rule. [5/15/15]

Lending to military members is an ever-increasing concern, and it’s an area the CFPB has more than cracked down on. But due to a high volume of complaints from servicemembers, veterans, and their families as exposed in a recent report, the CFPB may be coming down even harder. [5/5/15]

Here's a breakdown of what's in the CFPB's recent report of its 2014 fair lending activities, which resulted in $224 million in remediation. [4/30/15]

The CFPB's efforts to ensure fair access to credit continue! This report outlines key supervision and enforcement actions over the last year, and provides access to the most recent Fair Lending Report. [4/29/15]

Last night the House passed the Mortgage Choice Act, which clarifies the definition of points and fees for the qualified mortgage test in order to make loans more available to low and moderate income credit union members. [4/15/15]

The time is right to advocate for regulatory relief on TILA-RESPA, HMDA, and Fair Lending. [4/8/15]

The CFPB's plan to require lenders to verify borrowers are capable of repaying a loan, restrict the frequency that the loans could be extended, and capping finance charges got President Obama's approval as a "common sense" measure that stops companies from "trapping hardworking Americans in a vicious cycle of debt." [3/27/15]

The CFPB blogs about its rule making process associated with small businesses, small government, and organizations as mandated under Dodd-Frank. The blog notes that the rule making process will include feedback from consumers, consumer advocates, other regulators, and industry representatives. [3/27/15]

A trade group tells Congress that regulatory overkill is hurting the very people it is meant to help by pushing would-be homeowners into the rental market and thereby driving rents up, raising the fees for low-dollar loans, and making it hard for people like teachers and doctors to obtain a mortgage for relocating to a new town. [3/19/15]