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Weathering the Storm of Rising Inflation
On June 28, 2019, the Consumer Financial Protection Bureau (CFPB) released the June 2019 Fair Lending Report (Report). The report describes the CFPB’s fair lending activities in 2018, including its focus on redlining, underwriting, pricing, steering, servicing and Home Mortgage Disclosure Act data integrity. The report also explained that two new fair lending focus areas are student loan origination and debt collection and model use.
It also included the following table relating to the number of Equal Credit Opportunity Act (Regulation B) enforcement actions since 2012:
|Reporting year||Total enforcement matters|
One interesting thing to note. In 2018 only one Federal Financial Institution Examination Council Agency made a referral to the Department of Justice involving discrimination in violation of Regulation B. It was the National Credit Union Administration and they made the referral based on marital status discrimination.
John Zasada, JD, CAMS – Regulatory Consulting Director, Financial Institutions Group. John can be reached at email@example.com.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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