Attention lenders: The CFPB is now focusing more on fair lending in mortgages
"As consumers gain more. auto lending remains a significant focus of supervisory reviews, especially for indirect auto lenders that maintain discretionary markup policies and have not yet been.
The CFPB’s focus on small business lending is garnering policymaker’s attention in recent weeks. Representative Emanuel Cleaver (D-MO) has written to Director Cordray, voicing concerns and used his time with the Director in last week’s hearing to focus on the issue.
The Consumer Financial Protection Bureau (CFPB) will give more attention to fair lending law compliance in 2017, reports HousingWire. The regulatory agency has said it will be giving increased attention to "redlining, mortgage and student loan servicing, and small business lending," according to the report.
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The report also includes information about DOJ's fair lending work under. focused attention on discretionary pricing systems utilized by. filed our first joint complaint with the CFPB in a case alleging. In cases involving discrimination in mortgage loans or home.. currently pending in federal district court.
On the upside, experts think it has huge potential to make lending quicker and more open, making more money available to more people who need it. Lenders. CFPB, the agency created to police the.
Fair-lending supervision and enforcement responsibilities will remain with the division. In the future, the Office of Fair Lending and Equal Opportunity is expected to focus on advocacy, coordination, and education. Changing federal activity would not mean the end of public fair-lending disputes.
So, continuing issues with HMDA, the volatility at the CFPB, and digital mortgages are going to produce the most pressing new compliance issues. I believe the compliance impact of the progression to digital mortgages and an increased focus on fair lending will be the most impactful issue before the end of 2018.
Congress enacted HMDA in 1975 to root out discrimination in mortgage lending. The CFPB and other prudential regulators use the data to examine and identify fair-lending violations. banks and.
If you aren’t yet analyzing your lending data for Redlining risk, now is the time to start. It has been a priority throughout 2016, and that will continue into 2017. [Free White paper: redlining risk analysis] 2. Servicing for Mortgages and Student Loans. The CFPB will be focusing on servicing for mortgages and student loans.
The Consumer Financial Protection Bureau (CFPB) has issued its final rule outlining information lenders must report under the Home Mortgage Disclosure Act (HMDA. fair lending compliance and access.
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