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Consumer Financial Protection Bureau (CFPB)

$24 Million Settlement Of Modern-Day Redlining Case In Philadelphia Shows Government Takes Lending Discrimination Seriously

The National Community Reinvestment Coalition (NCRC) on Wednesday applauded a $24 million settlement to punish serious intentional discrimination and redlining in the Philadelphia area, and urged the courts to endorse disciplinary action against Berkshire-Hathaway subsidiary Trident Mortgage Company proposed by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB). “Lending discrimination is a …

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NCRC, Innovation Council Call For CFPB To Clarify Lender Demographic Data Guidance

The National Community Reinvestment Coalition (NCRC) and a majority of its Innovation Council for Financial Inclusion (IC) called on the Consumer Financial Protection Bureau (CFPB) to clarify how lenders can request and use customer demographic data including race. Such clarity would help lenders to self-test for fair lending by soliciting such data. Federal fair lending …

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FHFA Re-Proposed Capital Rule for the Enterprises Sign-on Letter

August 10, 2020 The Honorable Mark Calabria Director Federal Housing Finance Agency 400 7th Street, SW Washington, D.C. 20219 Hugh Frater CEO Fannie Mae Midtown Center 1100 15th Street, NW Washington, DC 20005 David Brickman CEO Freddie Mac 1551 Park Run Drive Mclean, VA 22102 Dear Director Calabria, Executives Frater and Brickman: We are writing …

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The CFPB’s Revisions to the Qualified Mortgage Rules (the “GSE Patch”)

A price-based alternative, combined with existing statutory provisions and the additional regulatory safeguards outlined in the CFPB’s proposed rule, has the potential to improve access for LMI and minority borrowers, but it is critical to consider this proposal within the context of other federal policy changes affecting the nation’s housing finance system and the broader impacts of COVID-19 on LMI households and credit standards throughout the mortgage market.

CFPB, FHFA Establish New Borrower Protection Program to Respond to COVID-19 Pandemic

This month, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) announced the new Borrower Protection Program that streamlines consumer protection oversight of mortgage servicers through new data and information sharing between the program sponsors as they respond to the coronavirus pandemic.

Tests show inferior treatment of minority business owners at banks, and data shows a steep decline in government-backed lending to black entrepreneurs

Better-qualified black and Hispanic testers who shopped for small business loans at Los Angeles area bank branches were treated worse than less qualified white testers, a new study found. The study, from the National Community Reinvestment Coalition (NCRC), also found steep declines in government-backed lending to black business owners between 2008 and 2016.

The CFPB needs to keep easy access to HMDA data

Data is the sunlight that makes possible the fight against discrimination. The Consumer Financial Protection Bureau (CFPB), however, is considering changing its method of disseminating loan data that would make it less readily available to the public and significantly hamper our collective ability to root out unfair and discriminatory practices.