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Fair Lending

Merrily the State CRAs Roll Along

March 8, 2023 By Caroline Eisner

A&B ABstract: While we wait on the final interagency rule from the Federal Reserve, OCC, and FDIC, Illinois and New York are continuing along with their state Community Reinvestment Acts (CRA). Illinois CRA Developments Illinois announced that it would hold public hearings, two on March 2, 2023 and a third on March 8, 2023, to […]

Filed Under: Community Reinvestment Act, State Law Tagged With: #New York, Community Reinvestment Act, CRA, Fair Lending, Illinois

District Court Dismisses CFPB’s Redlining Case Against Townstone Financial

February 6, 2023 By Melissa Malpass

A&B ABstract: On Friday, in the CFPB v. Townstone Financial fair lending case, the U.S. District Court for the Northern District of Illinois dismissed with prejudice the complaint filed by the Consumer Financial Protection Bureau (CFPB), holding that the plain language of the Equal Credit Opportunity Act (ECOA) does not prohibit discrimination against prospective applicants. […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Equal Credit Opportunity Act (ECOA), Mortgage Loans Tagged With: #CFPB, #redlining, Case law, Fair Lending, mortgage lending

Is the DOJ (De Facto) Enforcing the Community Reinvestment Act?

October 18, 2022 By Caroline Eisner

A&B Abstract: Furthering the Justice Department’s Combating Redlining Initiative, the Department of Justice has announced another redlining settlement.  But this settlement is different – this one involves a bank that has received top marks by its prudential regulator, the Federal Deposit Insurance Corporation (FDIC), for its compliance with the Community Reinvestment Act (CRA), a statute […]

Filed Under: Banking Regulatory Agencies, Community Reinvestment Act, Department of Justice, Equal Credit Opportunity Act (ECOA), Fair Housing Act, Mortgage Loans Tagged With: #redlining, DOJ, Fair Lending

GSEs to Require Mortgage Servicers to Obtain and Maintain Fair Lending Data

August 16, 2022 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B Abstract: On August 10, 2022, the Federal Housing Finance Agency (“FHFA”) announced that Fannie Mae and Freddie Mac (the “GSEs”) will require mortgage servicers to obtain and maintain fair lending data on their loans, beginning March 1, 2023. That same day, Fannie Mae and Freddie Mac (the “GSEs”) each issued guidance implementing the FHFA […]

Filed Under: Federal Housing Finance Agency (FHFA), Mortgage Servicing Tagged With: #mortgageservicing, Fair Lending, Mortgage Servicing, Servicing

CFPB and DOJ Announce Redlining Settlement Against Non-Bank Mortgage Lender

July 28, 2022 By Melissa Malpass

A&B Abstract: On July 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) and the US Department of Justice (“DOJ”) entered into a settlement with Trident Mortgage Company (“Trident”), resolving allegations under the Equal Credit Opportunity Act (“ECOA”) and the Fair Housing Act that the non-bank mortgage lender intentionally discriminated against majority-minority neighborhoods in the greater […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Department of Justice, Fair Housing Act Tagged With: #CFPB, DOJ, Fair Lending

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