Explore news updates, Knowledge Center articles and case studies related to CRA…

OCC Downgrades Wells Fargo to ‘Needs to Improve’ in Latest CRA Exam

On March 28, 2017, Wells Fargo & Co announced (Bloomberg, March 28, 2017) that the Office of the Comptroller of the Currency (OCC) downgraded the firm in its assessment of the firm’s performance under the Community Reinvestment Act (CRA). Under CRA, depository institutions are evaluated to determine their responsiveness in meeting the needs of low- […]

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Trend towards jumbo mortgages may raise risk exposure under Fair Lending, CRA

An article published by the Wall Street Journal (subscription required) on June 1, 2016 highlights a post-housing crisis trend towards jumbo mortgages within the mortgage market. The authors note that jumbo mortgages – home loans for amounts above $417,000 for most markets – allow lenders to satisfy one post-crisis mandate to take fewer risks within their portfolios, […]

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CFPB Publishes 2015 Report on Consumer Complaints

On April 1, 2016, the CFPB published its 2015 Consumer Response Annual Report. This annual report summarizes trends the CFPB has identified from 271,600 complaints that it accepted from financial product consumers during 2015. These complaint data can be a useful source of insight for banks and lenders to identify general areas that require attention […]

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Kansas City Lender to Pay 2.8 Million in Redlining Case with HUD

First Federal Bank of Kansas City has agreed to a $2.8 million settlement with the Department of Housing and Urban Development to resolve allegations of redlining in African-American neighborhoods.  As part of the conciliation agreement, First Federal agreed to originate $2.5 million in loans in majority African-American census tracts over a three-year period.  The settlement  also […]

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Redlining

Return of Redlining and Steering Cases

The American Banker reported on September 4 that Justice Department and HUD officials signaled again that more redlining and steering cases are under investigation. “Based on what is on my docket right now, stayed tuned,” said Steven Rosenbaum, chief of housing and civil enforcement at DOJ’s civil rights division, during a HUD-sponsored Fair Housing conference. […]

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