Federal regulators recently elaborated on their goals behind last month’s interagency Community Reinvestment Act proposal, which some fair lending advocates believe is not going to advance racial equity.
Mortgage lenders and brokers who participated in a small business review panel convened by the CFPB support making AVMs more accurate but are concerned about downstream financial and business impacts.
The Ninth Circuit overturned a lower court’s decision that CitiMortgage had accurately responded to a consumer’s dispute over furnished loan information and conducted a reasonable investigation.
The CFPB reiterated that the Equal Credit Opportunity Act requires creditors to provide consumers notice if they decide to take an adverse action, even if it’s based on a “black-box” credit model.
While affirming a district court ruling against CashCall, a three-judge panel of the Ninth Circuit Court of Appeals said the California-based lender’s behavior was reckless and justified higher penalties.
The appeals court found that an injunction against a former loan officer meant to enforce restrictive covenants was too vague, overbroad and improperly granted.