Congress: Congresswoman Waters Introduces Legislation to Strengthen the CRA and End Modern-Day Redlining

Today, Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services introduced H.R. 8833, the “Making Communities Stronger Through the Community Reinvestment Act.” This transformative piece of legislation is a part of Chairwoman Waters’ continuing efforts to root out discrimination in our modern-day banking system and close the racial wealth […]

CFPB: Agency Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections

Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in […]

CFPB: Justice Department and CFPB Caution Auto Finance Companies about Servicemember Protections

Joint Letter Reminds Auto Finance Companies of Key Federal Protections The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter today reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Relief Act (SCRA). While servicemembers […]

FFIEC: Availability of 2021 HMDA Data on Mortgage Lending Announced

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly […]

CFPB: FFIEC Announces Availability of 2021 HMDA Data on Mortgage Lending

The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2021 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 4,338 U.S. financial institutions. Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly […]

CFPB: Inquiry Launched into Practices that Leave Workers Indebted to Employers

Emerging products require employees to sign up for debt The Consumer Financial Protection Bureau (CFPB) has launched an inquiry into practices and financial products that may leave employees indebted to their employers. In today’s Request for Information, the CFPB seeks data about, and worker experiences with, these emerging practices and […]

HUD: 20th Anniversary of National Homeownership Month Commemorated

President Biden issues Proclamation marking June as National Homeownership Month The U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Administration (FHA) mark June as National Homeownership Month following President Biden’s proclamation issued on Tuesday. This year’s Homeownership Month celebrates the 20th year of this opportunity to amplify […]

CFPB: Agency Acts to Protect the Public from Black-Box Credit Models Using Complex Algorithms

Companies relying on complex algorithms must provide specific and accurate explanations for denying applications Today, the Consumer Financial Protection Bureau (CFPB) confirmed that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor […]

CFPB: Advisory Opinion on Coverage of Fair Lending Laws Issued

Equal Credit Opportunity Act continues to protect borrowers after they have applied for and received credit Today, the Consumer Financial Protection Bureau (CFPB) published an advisory opinion to affirm that the Equal Credit Opportunity Act (ECOA)—a landmark federal civil rights law protecting individuals and businesses against discrimination in accessing and […]