CFPB, DOJ warn against using immigration status to determine creditworthiness
Financial institutions risk violating federal protections against discrimination if they rely on immigration status to determine a consumer’s credit worthiness, ...
Tag: Fair lending
Judge grants win to ABA, Chamber in lawsuit over CFPB UDAAP exam manual
A federal judge in Texas today granted summary judgment to ABA, the Texas Bankers Association, the U.S. Chamber of Commerce ...
Compliance question of the month: How can banks estimate GAR to determine their tier for data collection purposes under the 1071?
My bank will be reporting small-business lending data under the Equal Credit Opportunity Act (as required by the §1071 rule) ...
Section 1071 requirements will bring major challenges and risks
Another indication of significant challenges ahead is the 888-page final rule’s frequent use of a version of the term “reasonably ...
Fed’s Barr highlights digital redlining risk resulting from AI tools
While artificial intelligence and machine learning have enormous potential, Federal Reserve Vice Chairman for Supervision Michael Barr cautioned that “they ...
Housing affordability: In the pursuit of equity
Affordable housing is an old problem in search of new solutions. As banks develop creative, sustainable programs to help close ...
ABA joins Texas lawsuit to block CFPB’s Section 1071 rule
ABA President and CEO Rob Nichols announced today that ABA has joined a lawsuit filed by the Texas Bankers Association ...
Podcast: Designing and launching a special-purpose credit program
For many small business owners, the first step on the credit ladder is the hardest, and they may miss opportunities ...
HUD to reinstate 2013 disparate impact rule
The Department of Housing and Urban Development announced today that it will re-codify the 2013 disparate impact rule, saying the ...
Compliance for 2023: What does the future hold?
With uncertainty the rule, the best advice is to have banks’ change-management processes ready for whatever comes.
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