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consumer financial protection bureau

New HMDA data shows need to strengthen CRA, close loopholes, apply to more institutions

Just hours before the start of the Labor Day long weekend, the Consumer Financial Protection Bureau (CFPB) released 2018 Home Mortgage Disclosure Act (HMDA) data. It is the most complete record of mortgage lending in the United States. The data showed non-banks extended their dominance of home lending and that banks essentially dropped out of the government-backed FHA program that helps low- and moderate-income (LMI) borrowers.

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Housing Wire: Did Mick Mulvaney just drastically change how the CFPB enforces fair lending laws?

The Consumer Financial Protection Bureau stripped the Office of Fair Lending of its enforcement powers. John Taylor, President and CEO of the National Community Reinvestment Coalition said, “I am appalled to see one of the most effective offices within the CFPB stripped of responsibility to stop redlining, predatory lending, and other discriminatory behavior by financial firms.”

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The Intercept: After boasting about lowering black unemployment, the Trump administration undermines the federal unit defending against housing discrimination

“Opening up the floodgates on lending discrimination will damage the ability for people of color to build wealth,” said Debbie Goldstein, executive vice president of the Center for Responsible Lending.

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Propublica: Newly defanged, top consumer protection agency drops investigation of high-cost lender

In the latest sign that the Consumer Financial Protection Bureau is pulling back from aggressive enforcement, it dropped an investigation triggered by a 2013 ProPublica story about a lender that charges triple-digit interest rates.

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AmericanBanker: Mulvaney launches public review of entire CFPB

AmericanBanker, January 17, 2018: Mulvaney launches public review of entire CFPB The CFPB said it plans to publish a series of requests for information in the Federal Register in the coming weeks asking for the public to weigh in on the agency’s enforcement, supervision, rulemaking, market monitoring and education activities. “In this New Year, and under

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