Federal agencies reverse Biden-era credit guidance
Seven federal agencies rescinded a 2022 guidance that encouraged creditors to offer special purpose credit programs to underserved communities.
Diversity and equality
CFPB sued over new rule that would weaken fair-lending laws
Housing advocates and compliance firms are suing to block a rule from the Consumer Financial Protection Bureau that they say guts the Equal Credit Opportunity Act.
CFPB finalizes a scaled-back small-business lending rule
The Consumer Financial Protection Bureau finalized a new version of a small-business lending rule that took 17 years to get over the finish line. Banks are still lobbying for the rule to be repealed.
Black homeowners lose ground as job losses mount
Black homeownership fell to 43.9% this summer, its lowest since 2021, as rising unemployment and federal layoffs widened housing gaps across demographics.
HUD faces backlash over new fair housing rule
The comment period for the Affirmatively Furthering Fair Housing interim final rule has been extended, but consumer advocates are clear in their opposition.
DOJ accuses Rocket Mortgage, appraisers of bias in refi
According to the litigation, a homeowner's Denver property was valued 25% less because of her race.
Appeals court delivers big win to CFPB in Townstone redlining case
A federal appeals court ruled that the Equal Credit Opportunity Act prohibits not just outright discrimination but also the discouragement of prospective applicants for credit.
Rocket settles fair lending complaint with HUD
Rocket Mortgage entered into an agreement with the Department of Housing and Urban Development and will pay the consumers $65,000 to resolve the matter.
Wells Fargo redlining plaintiffs seek class certification
Plaintiffs seeking class certification claim the bank uses an underwriting system that discriminates against minority mortgage applicants.
Tennessee bank to pay $1.9M in redlining case
As part of a settlement with the Justice Department, Patriot Bank must invest more than $1 million of the total in a loan subsidy fund for minority homeowners and take other corrective steps in its everyday business. The bank denied any wrongdoing.
Navy Federal faces lawsuit, allegations of racial bias in mortgage lending
The lawsuit accuses Navy Federal of violating the Fair Housing Act and the Equal Credit Opportunity Act after a CNN report that the lender approved a lower percentage of Black and Latino mortgage applicants.
Santander Bank settles home appraisal discrimination suit
A Connecticut-based couple sued the bank and Cavanaugh Appraisals, LLC for denying them a refinance in 2021 because of racial bias.
Franklin Templeton CEO on the ‘unintended consequences’ from interest rate hikes
At the Most Powerful Women in Banking conference, asset management leader Jenny Johnson discussed opportunities and risks for portfolio managers in 2023.
Fired Morgan Stanley executive alleges reverse discrimination
Kevin Meyersburg, who is white, says in a lawsuit that the Wall Street investment bank terminated his employment and replaced him with a Black woman who is less qualified for the position. Morgan Stanley declined to comment.
Redlining probes created millions for originations: DOJ
Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.
Wells Fargo restores diversity guidelines after ‘fake interview’ fallout
The San Francisco megabank plans to reinstate guidance that drew scrutiny following revelations that women and nonwhite candidates were interviewed for jobs that had been reserved for someone else.
New York City shuns Wells Fargo over discrimination claims
The municipality and the bank have been at odds over similar issues in the past, and no agency currently has deposit accounts with the lender.
How Philadelphia is laying the groundwork for a public bank
The City Council recently voted 15-1 to establish a financial authority that would provide credit enhancements on loans to underserved borrowers. Public banking advocates say the effort is both an interim step for Philadelphia and a test case for other cities.
Regulators expect to release CRA revamp as soon as this month
The long-awaited Community Reinvestment Act reform plan is likely to address climate change and bank partnerships with nonbank lenders, while also taking into account the shrinking number of U.S. bank branches, government officials said Monday.
Lenders warned they risk irrelevance if they’re not inclusive
Credit unions and banks need to ask themselves if they're finding ways to say "yes" to consumers who too often hear "no" from mainstream institutions. Otherwise, they perpetuate a system that excludes the poor and people of color and drive them toward nonbanks, said Pablo DeFilippi of Inclusiv Network and other experts.
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