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Fair lending is more than mortgages

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Question: 
The CFPB hasn’t been active in fair lending other than mortgages, correct, does this present any challenges?
Answer: 

That was the case until Oct. 2021 and the Trustmark redlining case where the OCC, CFPB and DOJ joined together for a $5 million penalty action and a $3.85 million loan pledge. Also, the DOJ and HUD entered into settlements relating to redlining and automobile loan pricing before that. Since April 2020 the CFPB and HUD have entered into some agreements.
It is less a challenge for the bank which is prepared.
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Learn more about Andy Zavoina’s Fair Lending, 2022 is a New Mindset webinar.

First published on 05/01/2022

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