The CFPB has issued a detailed process for submission of rulemaking petitions by members of the public. The move is aimed at increasing transparency and curtailing lobbying by former government employees.
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The change signals that the CFPB may start bringing more enforcement cases in-house, with the bureau director deciding what does and does not violate the law, according to Mayer Brown attorneys.
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Without proper safeguards, the bureau warned, flawed versions of automated valuation models could “digitally redline certain neighborhoods and further embed and perpetuate historical lending disparities.”
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Rocket Mortgage, the nation’s largest overall lender and the very first participant in the pilot, said the examination process was an “overwhelming” and “exhausting” experience.
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The bill would impose a Community Reinvestment Act-like framework for evaluating the performance of financial institutions in meeting the needs of the communities they serve.
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Both industry and consumer groups welcomed OCC’s principle-based approach to large banks’ management of climate-related financial risk. Most of the feedback focused on scenario analysis related to climate-related risks.
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The DOJ said its support of the Fair Housing Act lawsuit underscores the Biden administration’s seriousness in addressing ongoing legacies of residential segregation and discrimination.
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Illinois District Court Judge Elaine Bucklo found that the plaintiff had no evidence that Bank of America had engaged in an equity-stripping scheme, much less one that targeted minority borrowers.
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Auto lending practices under scrutiny; fair lending testing bill; CBA wants CFPB to examine small fintechs; court grants interlocutory review of NCSLT-CFPB decision; EFTA compliance bulletin; interagency letter on unmet credit needs; comment on FTC settlement; PSLF waivers.
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