The architects of two major loan deals featuring Black banks, one involving multiple lenders and a pro sports franchise and another backed by Citigroup, say more transactions like these are in the works.
The Consumer Financial Protection Bureau's overhaul of its Qualified Mortgage standard is alarming free-market advocates who say it will precipitate a return to easy credit and higher defaults and could disproportionately harm minorities.
Party polarization and racial equity issues make it tougher for trade groups to manage internal divisions while ensuring the field supports those who get their hands on the levers of power.
The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”
As home loans surge and lenders look to expand, they're doing a cost-benefit analysis on the possibility of opening more commercial locations.
Evidence suggests some minority-owned businesses can’t access loans, and the Trump administration is under pressure to report borrower demographics. The issue is gaining attention against the backdrop of protests over the George Floyd killing.
The central bank is only now nearing the launch of the credit facilities after the effort was announced in April. But Chairman Jerome Powell said loans have been available through other means.
!["Lots and lots of companies are getting financed, the banks are lending, the markets are open [and] you have a much easier lending climate certainly than we had in February and March,” said Fed Chairman Jerome Powell.](https://vip.arizent.com/ab/wp-content/uploads/sites/4/2020/06/powell-jerome-bl-061020.jpg?w=365)
The online lender, reeling from the economic fallout of the coronavirus pandemic, also said it is cutting senior executives' salaries by 25%.
"We've proven we can operate with no footprint," said James Gorman, Morgan Stanley's CEO. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."
The Department of Housing and Urban Development has proposed an overhaul of an Obama-era rule meant to guide local jurisdictions in how they comply with the Fair Housing Act.
The two Democrats sent a letter “raising grave concerns about whether the bureau is fulfilling its statutory obligations.”
Despite assurances by Director Kathy Kraninger that the agency is cracking down on discrimination, it hasn't sent a Department of Justice referral on a fair-lending violation in two years.
Eric Blankenstein, who resigned from the Consumer Financial Protection Bureau in May after the discovery of his racially charged writings, was named acting executive vice president of Ginnie Mae.
The CFPB did not file any fair-lending enforcement actions in the 2018 fiscal year and did not refer any Equal Credit Opportunity Act violations to the Department of Justice.
The mortgage agency has hired Eric Blankenstein, who sparked controversy while at the consumer bureau over past revelations of racially charged writings.
The company intentionally submitted inaccurate borrower information overstating the number of white applicants, the consumer bureau alleges in a consent order.
The agency's spring rulemaking agenda includes the process for collecting small-business data as well as underwriting rules for GSE-backed loans. But what's missing from the list may be just as important.
Eric Blankenstein, the CFPB's policy director for supervision, enforcement and fair lending, has been criticized for using a racial slur in blog posts 15 years ago and claiming the majority of hate crimes were hoaxes.
HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.
Questions surrounding Eric Blankenstein, a senior CFPB official whose racially charged writings from over a decade ago have led to calls for his resignation, have been referred to the agency's watchdog.
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