As President Trump today signed a Congressional Review Act resolution invalidating the Consumer Financial Protection Bureau’s 2013 guidance on indirect auto lending, CFPB Acting Director Mick Mulvaney said the bureau would revisit its Equal Credit Opportunity Act regulations.
Browsing: Fair lending
The Senate today employed a little-used legislative procedure to reverse the Consumer Financial Protection Bureau’s 2013 guidance on indirect auto lending.
The Government Accountability Office today issued a statement that the Consumer Financial Protection Bureau’s 2013 guidance on fair lending risks in indirect auto lending constitutes a “rule” for purposes of the Congressional Review Act.
The Department of Housing and Urban Development’s rule implementing the Fair Housing Act discriminatory effects standard is inconsistent with current Supreme Court precedents on disparate impact theory and could be negatively affecting HUD’s housing goals, a group of House Republicans said in a letter to HUD Secretary Ben Carson today.
The Federal Financial Institutions Examination Council today released the 2016 Home Mortgage Disclosure Act data on mortgage lending transactions at 6,762 financial institutions.
Several Maryland and Virginia bankers, joined by ABA and Maryland Bankers Association staff, today met with officials in the Small Business Administration’s Office of Advocacy.
To ensure that fair housing and fair lending are being enforced appropriately and effectively, ABA and four other banking trade associations wrote today to Attorney General Jeff Sessions requesting a meeting to discuss the Department of Justice’s approach to enforcement of fair lending laws, and to urge it to align its fair lending policy with Supreme Court precedent.
Responding to a request by the Department of Housing and Urban Development for suggestions of outdated or ineffective regulations, ABA and state bankers associations in all 50 states today called for changes to HUD’s rule implementing the Fair Housing Act discriminatory effects standard, calling the rule “outdated and legally wrong.”
Banks are generally open to the idea of using alternative data sources — such as mobile phone bills and rent payments — to help consumers establish a credit history, but concerns about compliance, data integrity and other risks stand in the way, ABA said today in a comment letter to the Consumer Financial Protection Bureau.