The Consumer Financial Protection Bureau today finalized a rule required by the Dodd-Frank Act that expands the data lenders are required to collect and report under the Home Mortgage Disclosure Act. The new required information includes the property value, loan term and the duration of any introductory interest rates, as well as underwriting and pricing
The Federal Reserve today approved the acquisition of Hudson City Bancorp, Paramus, N.J., by the Buffalo, N.Y.-based M&T Bank Corporation.
On September 30, 2015, the Federal Reserve Board of Governors approved Hudson City’s $3.7 billion merger with M&T Bank. The merger is expected to close on November 1, 2015, pending approval by the New York State Department of Financial Services.
The Court noted in its opinion that on remand, the district court may need to review the City’s claims under the U.S. Supreme Court’s recent Inclusive Communities decision.
The financial regulators should move quickly to implement the Supreme Court’s guidance on using disparate impact to enforce fair lending rules, according to an editorial in Investor’s Business Daily today.
The New York Bankers Association on Friday won its legal challenge to New York City’s Responsible Banking Act, with a federal judge striking down the city ordinance as unconstitutional in its attempt to preempt state and federal banking laws.
The district court’s ruling aligned with the arguments in the ABA’s amicus brief.
ABA today asked the financial regulators and law enforcement agencies to include in their guidance, exam procedures and appropriate regulations the Supreme Court’s framework for using disparate impact analysis to enforce the Fair Housing Act.
Fair lending today calls for robust compliance management systems that track all products, customer interactions, and variations in pricing or policy—and that foster corrective action when needed.
ABA yesterday released a bank members-only staff analysis of the Supreme Court’s ruling in Texas v. Inclusive Communities Project, which found that “disparate impact” analysis to demonstrate discrimination claims is recognized under the Fair Housing Act.