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Discrimination › Mortgages

Discrimination is prejudicial treatment related to (or inappropriate consideration of) an individual's actual or perceived membership in a particular class, group or category, such as an individual's... more +
Discrimination is prejudicial treatment related to (or inappropriate consideration of) an individual's actual or perceived membership in a particular class, group or category, such as an individual's race, religion, gender, age, to name a few.  less -
Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

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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

Ballard Spahr LLP

FFIEC Issues Examination Principles Statement Regarding Valuation Bias

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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

Ballard Spahr LLP

Federal Agencies Propose Reconsideration of Value Guidance

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A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more

Alston & Bird

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

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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

Orrick, Herrington & Sutcliffe LLP

HUD discusses steps to address appraisal bias

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On January 12, HUD Secretary Marcia L. Fudge announced at a Brookings Institute event that HUD is creating a process that people seeking FHA financing can use to request a review of their appraisal if they believe the results...more

Bilzin Sumberg

Eleventh Circuit Holds that a Guarantor Lacks Standing Under the Equal Credit Opportunity Act

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Late last month, the U.S. Court of Appeals for the Eleventh Circuit held in Regions Bank v. Legal Outsource PA, No. 17-11736, 2019 WL 4051703 (11th Cir. Aug 28, 2019), that a loan guarantor does not qualify as an “applicant”...more

Ballard Spahr LLP

HUD to Seek Comment on Whether Disparate Impact Rule is Consistent With Supreme Court Decision

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The U.S. Department of Housing and Urban Development (HUD) recently announced that it will “formally seek the public’s comment on whether its 2013 Disparate Impact Regulation is consistent with the 2015 U.S. Supreme Court...more

Goodwin

Financial Services Weekly News - February 2017

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Editor's Note - President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

Ballard Spahr LLP

HUD Fair Housing Guidance Raises ECOA Risk in Serving LEP Consumers

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New guidance issued by the U.S. Department of Housing and Urban Development (HUD) on Fair Housing Act (FHA) protections for persons with limited English proficiency (LEP) could have reverberations under the Equal Credit...more

Ballard Spahr LLP

HUD expands fair housing liability to include LEP discrimination

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Last week, HUD issued new guidance confirming that persons with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA). LEP includes a limited ability to read, write, speak, or understand English. ...more

Ballard Spahr LLP

HUD Expands Fair Housing Protections

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People with limited English proficiency (LEP) are protected under the Fair Housing Act (FHA) under new guidance announced by the U.S. Department of Housing and Urban Development (HUD). Housing providers can face liability for...more

Ballard Spahr LLP

CFPB and DOJ settle fair lending claims involving allegations of redlining, discretionary underwriting and pricing, and overt...

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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

Baker Donelson

Lessons Learned from the CFPB and DOJ's Latest Fair Lending Enforcement Action

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On June 29, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) demonstrated the agencies' continued emphasis on fair lending with the announcement of a joint action against BancorpSouth...more

Ballard Spahr LLP

CFPB issues 2015 fair lending report

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The CFPB has issued a report covering its fair lending activities during 2015.  The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108...more

WilmerHale

CFPB Issues Final Rule to Improve Information About Access to Credit in the Mortgage Market

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On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule to implement amendments to the Home Mortgage Disclosure Act (HMDA) made by the Dodd-Frank Wall Street Reform and Consumer Protection...more

Goodwin

CFPB Issues New Mortgage Disclosure Rule

Goodwin on

On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA). At nearly 800 pages, the new HMDA rule changes (i) the...more

McGuireWoods LLP

Hudson City Savings Bank Reaches Largest Mortgage Redlining Settlement in DOJ History

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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

Ballard Spahr LLP

CFPB and DOJ announce redlining settlement

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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

Morrison & Foerster LLP

Financial Services Report, Fall 2015

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BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Williams Mullen

Supreme Court Upholds Disparate Impact: What are the Practical Consequences for Mortgage Lenders?

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The Supreme Court has held that disparate impact claims are valid under the federal Fair Housing Act (the “FHA”). In essence, this means that liability under the FHA can be proven by showing discriminatory effects of...more

Ballard Spahr LLP

CFPB Issues Compliance Bulletin on Unlawful Discrimination Based on Receipt of Mortgage Assistance

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In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

Manatt, Phelps & Phillips, LLP

New York Bank Sued for Fair Housing, Lending Violations

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Why it matters - New York banks are continuing to face lawsuits over alleged discriminatory lending practices. In September 2014, the state’s Attorney General, Eric T. Schneiderman, filed a “redlining” suit against...more

Foley & Lardner LLP

State AGs Take Sides as U.S. Supreme Court Hears Housing Discrimination Case

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On January 21, 2015, the U.S. Supreme Court will hear argument in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, on the question of whether disparate impact claims for discrimination are...more

Ballard Spahr LLP

NY Attorney General Files Redlining Lawsuit Alleging Mortgage Discrimination

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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

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