Discrimination and Bias in Residential Lending
The Importance of Assessment Areas
The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the Snapshot National Loan-Level Dataset based on Home Mortgage Disclosure Act (HMDA) data from 2023. The CFPB also addressed...more
The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more
In this podcast episode, Dean and Len discuss the timely issue of appraisal discrimination and bias within the context of Fair Lending. Dean highlights the FFIEC's recent guidance on mitigating risks related to discriminatory...more
Since October 2021, the prudential bank regulators in concert with the Department of Justice have been pursuing the “Anti-Redlining Initiative” announced by Attorney General Merrick Garland on October 21, 2021. During that...more
In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more
The CFPB recently announced the publication of the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Data for 2023. The data is available on the Federal Financial Institutions Examination Council (FFIEC) website....more
On March 18, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), submitted comments to the Appraisal Subcommittee (ASC) regarding its oversight of The Appraisal Foundation. Director Chopra, who serves...more
As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more
The U.S. Department of Justice (DOJ) and state authorities have agreed to a consent order with a large national bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by affecting...more
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more
The Federal Financial Institutions Examination Council (FFIEC) recently issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and...more
On June 29, the Federal Financial Institutions Examinations Council (FFIEC) released the 2022 HMDA data on mortgage lending transactions at 4,460 covered institutions (an increase from the 4,338 reporting institutions in...more
On June 29, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by U.S. financial...more
The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the 2022 Home Mortgage Disclosure Act (HMDA) data. The CFPB also released a summary of the data....more
The CFPB recently announced that it is revising the methodology used to determine average prime offer rates (APORs). The revised methodology is available on the website of the Federal Financial Institutions Examination...more
On March 20, the CFPB announced the release of the 2022 HMDA modified loan application register (LAR) data. The LAR data, available on the Federal Financial Institutions Examination Council’s HMDA platform, contains modified...more
On February 9, the CFPB published the 2023 Reportable HMDA Data: A regulatory and reporting overview reference chart. The chart serves as a reference tool for data points that are required to be collected, recorded, and...more
The Federal Financial Institutions Examination Council (FFIEC) recently announced the public availability of Home Mortgage Disclosure Act data for 2021. The CFPB also released a summary of the data. The data include...more
Two important updates impacting compliance with the Truth in Lending Act (TILA) and Reg Z have just been announced....more
In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
The Federal Financial Institutions Examination Council (FFIEC) recently issued the 2021 edition of A Guide to HMDA Reporting (Guide). The Guide addresses the collection and reporting of residential mortgage loan application...more
HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners - The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more
On June 24, 2020, the Federal Financial Institutions Examination Council (FFIEC) announced the release of the 2019 Home Mortgage Disclosure Act (HMDA) data. ...more
Federal Reserve Revises Framework for Determining Control of a Banking Organization The Federal Reserve has adopted a final rule to simplify and clarify its regulations for determining control of a banking organization for...more