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Seven federal agencies rescinded a 2022 guidance that encouraged creditors to offer special purpose credit programs to underserved communities.
Racial bias
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 Banks are still lobbying for the rule to be repealed.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.
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.
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.
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.
Wells Fargo sued for discrimination against Black borrowers
The complaint seeks unspecified damages over the bank’s mortgage origination and underwriting practices, alleging minority homebuyers were excluded from affordable, low-risk loans.
Appraisals undervalue refis for Black borrowers: Fannie Mae
The researchers found that the disparities that emerged from the analysis of 1.8 million appraisals from 2019 and 2020 were statistically significant.
Regulator finds signs of racial bias in appraisal forms
The Federal Housing Finance Agency found several comments that could lead to fair lending concerns in the “neighborhood description” section of reports.
Cadence Bank warned on fair lending, in settlement talks with DOJ
In late July, the Justice Department notified the Houston bank of a potential lawsuit alleging violations between 2013 and 2017, according to a securities filing. Cadence said that its prospective merger partner, BancorpSouth, supports the settlement discussions.
Sherrod Brown quickly shifts Senate Banking panel’s course
With a steady stream of Senate hearings held on the racial wealth gap and inequities in the financial system, the new chairman has set a consumer-focused agenda that leans further left than even past Democratic chairs.
Acting CFPB head calls out industry for slow complaint response times
Interim CFPB Director Dave Uejio expressed concern that financial institutions have dragged their feet in resolving disputes with consumers for service issues during the pandemic.
New CFPB boss vows to get tough on military lending, pandemic relief laws
Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.
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