Two recent announcements by the Federal Housing Finance Agency (FHFA) will push the mortgage servicing industry to increase its collection and maintenance of consumer demographic and language preference data.
On May 3, 2022, the FHFA announced that Fannie Mae and Freddie Mac (the GSEs) will require lenders submitting loans to the GSEs to use
As we have repeatedly discussed this year in our Financial Services Perspectives blog, the current leadership of the CFPB has placed a significant emphasis upon fair lending. Seemingly once a month, or even more frequently at times, Director Rohit Chopra has announced a new initiative concerning fair lending and discrimination in the financial services industry.
On May 5, 2022, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively the agencies) issued a joint notice of proposed rulemaking (the Proposed CRA Rule) that proposes changes to the way the agencies evaluate a bank’s performance under the
The current leadership of the CFPB has not been shy about highlighting the importance of fair lending—and it is becoming increasingly clear that fair lending and equity within the financial services industry is one of the CFPB’s greatest priorities under Director Rohit Chopra. Just last month, the CFPB released a blog post to discuss possible
The Consumer Financial Protection Bureau (“CFPB”) issued a release on March 16, 2022 in order to announce changes to its supervisory operations with respect to discriminatory lending and servicing practices.
In its press release, the CFPB explains that it has changed its approach towards examination of banks and non-banks in order to more closely “scrutinize”
In early February, the Federal Trade Commission (FTC) sent its annual letter to the Consumer Financial Protection Bureau (CFPB). The letter explained the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B of ECOA. Pursuant to a January 2012 memorandum of understanding between the CFPB and the FTC, and consistent with
The Consumer Financial Protection Bureau (“CFPB”) released a blog post on February 4 warning of the possibility of discrimination in the appraisal process. The CFPB explained that, although appraisal discrimination based on racial inequalities has been outlawed for more than 50 years, they are still seeing reports of biased appraisers who “base their value judgments
Yesterday, the Consumer Financial Protection Bureau (CFPB) released its Fall Supervisory Highlights. The report covers examinations completed between January and June of 2021. Over the last year, the Biden-era CFPB has made various statements about its priorities. For instance, the Bureau has issued comments or taken action related to the small dollar lending agenda,
In recent months, regulatory bodies throughout the federal government have focused on ways to promote greater access to financial products and services to limited English proficiency (LEP) consumers. Take for example the Consumer Financial Protection Bureau’s (CFPB) January 2021 statement encouraging financial institutions to better serve LEP consumers and examples of recent enforcement actions by
On Thursday, the Federal Housing Finance Agency (FHFA) issued a policy statement covering its views on fair lending requirements (Fair Lending Policy Statement) under the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act. The Fair Lending Policy Statement is the latest in a