News & Analysis as of November 10, 2024

Mortgages › Racial Bias

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The term "mortgage" typically refers to a mortgage loan. A mortgage loan is a financing instrument where an individual or business borrows money to purchase property (usually real property) and... more +

Federal Regulators Continue their Focus on Fair Lending and Appraisal Bias

Venable LLP on 3/6/2024

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

HUD Issues 2023 Update to Housing Equity Action Plan

Ballard Spahr LLP on 2/19/2024

The U.S. Department of Housing and Urban Development (HUD) recently issued a press release announcing a 2023 update to its Equity Action Plan. The Equity Action Plan is part of HUD’s efforts to implement President Biden’s...more

Moving to Address Appraisal Bias, Agencies and the Appraisal Foundation Issue Updates

Alston & Bird on 2/9/2023

A&B ABstract: A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and...more

CFPB and other Federal Regulators Eye Regulation Aimed at Curbing Algorithmic Bias in Automated Home Valuations

Jenner & Block on 3/11/2022

Late last month, the Consumer Financial Protection Bureau (CFPB) took another step toward adopting rules governing the use of artificial intelligence (AI) and algorithms in appraising home values. Specifically, the CFPB...more

An Opportune Time For Financial Institutions to Review Their Fair Lending Procedures

Bilzin Sumberg on 10/5/2021

At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more

CFPB’s New Acting Director Signals Significant Shifts in Agency Direction, Policies, and Priorities

Morgan Lewis on 2/9/2021

Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more

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