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.
Browsing: Fair lending
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Responding to a request by the Department of Housing and Urban Development for suggestions of outdated or ineffective regulations, ABA and state bankers associations in all 50 states today called for changes to HUD’s rule implementing the Fair Housing Act discriminatory effects standard, calling the rule “outdated and legally wrong.”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.
As it prepares to implement Section 1071 of the Dodd-Frank Act, the Consumer Financial Protection Bureau this morning issued a request for information on various aspects of the market for small business loans.
ABA today called on the Consumer Financial Protection Bureau to rescind requirements to collect any Home Mortgage Disclosure Act data not explicitly spelled out in law, and for Congress to revoke the new HMDA data elements added by the Dodd-Frank Act.
While holding that cities may sue lenders under the Fair Housing Act, alleging reduced property tax revenues due to predatory lending, the Supreme Court today found that the lower court should have used a more stringent test to determine whether the city of Miami was entitled compensation for its losses.
As part of the banking industry’s continuing response to President Trump’s executive order outlining “core principles” for financial regulation, ABA today urged federal regulators and law enforcement to reign in disparate impact and redlining investigations that go beyond the law and Supreme Court precedent.
The Consumer Financial Protection Bureau said today that it will prioritize redlining, mortgage and student loan servicing and small business lending in its fair lending enforcement activities this year.