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.
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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.
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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.
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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.
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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.
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The appeals court found that an injunction against a former loan officer meant to enforce restrictive covenants was too vague, overbroad and improperly granted.
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The bureau wants to know why several major credit card issuers aren’t furnishing actual payment information to credit reporting agencies. The request for input is voluntary.
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The new office, which replaces the Office of Innovation, will broaden its focus to include research and policy oriented at identifying and addressing obstacles to competition.
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SEC administrative adjudications found unconstitutional; NCRC settles with Movement Mortgage; CFPB and New York attorney general settle case against debt collectors.
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