Wells Fargo could face a $1 billion fine from the CFPB, the largest in history, but is that enough? Join Stacy Cowley, Kerri Miller, and NCRC’s John Taylor. Also discussed, Mick Mulvaney’s CFPB, breaking up the big banks, and El Chapo’s drug cartel.
Fair-lending enforcement would not happen in earnest until years after the Fair Housing Act, not until the Community Reinvestment Act of 1977 required financial institutions go on record about what they considered their market area. The law intentionally created a conundrum for any institution that was redlining: How could it accept deposits from customers to whom it was unwilling to lend?