Lender Reps Call on Feds to Back Off Disparate Impact Tactics
July 23, 2012
Mortgage lending representatives are asking federal banking regulators to stop using disparate impact analysis in fair lending cases, arguing that its use is based on unsupported legal theory, yet carries real consequences for banks and consumers that detract from legitimate fair lending efforts. Frank Keating, president and CEO of the American Bankers Association, said his members are strong advocates for fair lending and fully support enforcement against practices that intentionally discriminate. “However, disparate impact asserts fair lending violations occurred based only on...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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