A federal judge has ruled that a lawsuit against Wells Fargo & Co. can proceed. The lawsuit accuses the third-largest U.S. bank of predatory mortgage lending targeting black and Hispanic borrowers in the Chicago area. According to Reuters, U.S. District Judge Gary Feinerman ruled that...
The past few years have been marked by prosecutions by the federal government of lending bias, but the pace may slow under the newly installed Trump administration, The New York Times reports. That’s tied to a movement to roll back regulations carrying over into methods...
Controversy is swirling around a recent appointment to one of the top positions at the Consumer Financial Protection Bureau, and as American Banker reported on Wednesday (Aug. 17), the scrutiny revolves around the newly installed head of supervision and enforcement of fair lending. As noted by the...
September 19, 2023
The Consumer Financial Protection Bureau (CFPB) has released guidance for lenders who utilize artificial intelligence (AI) and complex models in their credit decision-making processes. The guidance emphasizes the need for lenders to provide specific and accurate explanations when making credit denials, the regulator said in a Tuesday (Sept. 19) press release. With the growing use of advanced algorithms and personal […]
March 28, 2018
A federal judge has ruled that a lawsuit against Wells Fargo & Co. can proceed. The lawsuit accuses the third-largest U.S. bank of predatory mortgage lending targeting black and Hispanic...
March 08, 2017
The past few years have been marked by prosecutions by the federal government of lending bias, but the pace may slow under the newly installed Trump administration, The New York...
August 18, 2016
Controversy is swirling around a recent appointment to one of the top positions at the Consumer Financial Protection Bureau, and as American Banker reported on Wednesday (Aug. 17), the scrutiny revolves around...
