Links in “Fair Lending”
- Castle & Cooke Hit for Steering
CFPB hits Castle & Cooke Mortgage for $13 million in restitution and fines for fair lending issues surrounding allegedly steering consumers into costlier mortgages and for allegedly paying loan officers illegal bonuses. [11/8]
- Bipartisan Group of Senators Ask for Data Behind CFPB’s Auto Lending Bulletin
22 senators ask CFPB to provide the data it used as basis for warning auto lenders they could be committing fair-lending violations; bulletin also implied that lenders could be held responsible for a dealership's fair lending performance. [11/1]
- CBA on Regulators’ QM Statement: It’s a Start
Consumer Bankers Association issue statement calling the joint regulatory agencies statement on quality mortgages and fair lending "a welcome start point," but add that "further guidance may be needed." [10/24]
- Offering Only QMs Not a Fair Lending Violation
NCUA and the other federal regulators have issued a statement that creditors offering only qualified mortgages will not be in violation of the Equal Credit Opportunity Act and Regulation B. The statement was issued in response to creditor concerns that limiting loan offerings to just qualified mortgages could violate the disparate impact doctrine. [10/23]
- CFPB Seeking to Regulate Auto Dealers via Banks
Writer sees CFPB as seeking to circumvent Dodd-Frank by pressuring banks to ensure auto lenders are complying with fair lending laws. [10/21]
- Fair Lending Risks When Taking Action on HELOCs Due to Changes in Property Values
If a lender undertakes Home Equity Lines of Credit in one area, but not another, or uses different methods of review in one area versus another, disparate treatment issues may arise. [10/9]
- CFPB’s 4 Ds: Nifty Catchphrase, But No New Surprises
UDAAPs, debt collection practices, fair lending, and payday loans have been on the CFPBâs radar for some time. [9/30]
- HUD Awards $38 Million to Help Fight the Housing Discrimination Fight
Funds provided through HUD's Fair Housing Initiatives Program (FHIP) to enforce fair lending through investigation and testing of alleged discriminatory practices. [9/26]
- Happy Birthday, Fair Lending Analysts! 2012 HMDA Data Released
While CFPB releases a lovely visual tool, key analysis on comparative performance and other more sophisticated fair lending reviews for the nearly 7,500 financial institution HMDA reporters can begin in earnest. [9/19]
- Get Ready for Expanded Regulatory Requirements and More Exams for Fair Lending & HMDA
Both the CFPB and NCUA have indicated that they will be focusing more intently on Fair Lending and HMDA data collection in 2014. This increased focus will include additional fair lending exams and a possible expansion of the HMDA-like government monitoring requirements to include auto loans, business loans and credit cards. [9/10]
