UDAAP and Fair Lending Developments: 2024 Year-in-Review and 2025 Predictions — The Consumer Finance Podcast
Putting AI to Work in Compliance
On July 23, the U.S. District Court for the Eastern District of Pennsylvania denied the Department of Justice’s motion to terminate a consent order requiring a Pennsylvania bank to implement a five-year fair lending...more
On October 15, the CFPB and the DOJ announced a settlement against a large mortgage lender for its alleged discriminatory redlining practices against residents of majority-Black neighborhoods in the greater Birmingham,...more
The Biden Administration’s focus on racial equity extends to many areas, and homeownership is the latest. Our Financial Services & Products Group analyzes new federal enforcement actions on alleged redlining to find patterns...more
On May 8, the Department of Justice (“DOJ”) announced that it had reached a voluntary settlement with a family-owned Minnesota bank, resolving allegations that the bank had violated the Fair Housing Act, 42 U.S.C. §§ 3601 et...more
The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more
The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more
The CFPB, DOJ, and Hudson City Savings Bank, F.S.B. (“Hudson City”) recently entered into the largest residential mortgage redlining settlement in DOJ history. On September 24, 2015, the parties filed a Joint Motion for Entry...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
Evidence is mounting that the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) are taking a renewed interest in investigating possible redlining—the practice of lenders charging certain groups...more
The New York Attorney General filed a complaint this week in a New York federal court against a national bank headquartered in the state and its holding company alleging that the defendants violated the federal Fair Housing...more