“If I were a dues-paying member of these trade groups, I might ask for my money back,” said Jesse Van Tol, president and CEO of the National Community Reinvestment Coalition, commenting on bank trade groups challenging revisions to CRA standards.
Public Citizen Litigation Group applauded the decision that confirms federal agencies can't escape accountability when they fail to comply with their responsibilities to consumers under the Fair Credit Reporting Act.
The American Bankers Association, U.S. Chamber of Commerce and the Independent Community Bankers of America, among others, allege the new CRA requirements violate the Administrative Procedure Act.
The DOJ alleged that First National Bank of Pennsylvania continued a practice seen at Yadkin Bank of focusing mortgage lending disproportionately on white areas of Charlotte and Winston-Salem.
The National Community Reinvestment Coalition accused banks of hypocrisy for filing a lawsuit against new standards under the Community Reinvestment Act.