A federal judge in Texas today granted summary judgment to ABA, the Texas Bankers Association, the U.S. Chamber of Commerce and several other co-plaintiffs in their challenge to the CFPB’s UDAAP exam manual, in which the bureau unlawfully expanded the statutory definition of “unfairness” to encompass discrimination.
My bank will be reporting small business lending data under the Equal Credit Opportunity Act…
Another indication of significant challenges ahead is the 888-page final rule’s frequent use of a version of the term “reasonably designed procedures”—175 times.
While artificial intelligence and machine learning have enormous potential, Federal Reserve Vice Chairman for Supervision Michael Barr cautioned that “they also carry risks of violating fair lending laws and perpetuating the very disparities they have the potential to address.”
Affordable housing is an old problem in search of new solutions. As banks develop creative, sustainable programs to help close ever-widening wealth and homeownership gaps in underserved communities, they know there’s more to be done.
ABA President and CEO Rob Nichols announced today that ABA has joined a lawsuit filed by the Texas Bankers Association and McAllen, Texas-based Rio Bank challenging the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act.
For many small business owners, the first step on the credit ladder is the hardest, and they may miss opportunities to build business credit and grow their business while relying on personal credit instead. Jevaughn Sterling talks about Zions Bancorporation’s Small Business Diversity Banking Program.
The Department of Housing and Urban Development announced today that it will re-codify the 2013 disparate impact rule, saying the rule “is more consistent with how the Fair Housing Act has been applied in the courts and in front of the agency for more than 50 years.”
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect consumers who are actively seeking credit as well as those who have sought and received credit.