Monthly Archives: September 2015

City of Oakland Brings Fair Lending Suit Against Wells Fargo

On September 21, 2015, the City of Oakland, California filed a lawsuit in federal court seeking punitive damages from Wells Fargo for alleged violations under the Fair Housing Act (FHA). The complaint accuses Wells Fargo of discriminatory practices by steering minority borrowers into high-cost mortgages despite being qualified for lower cost options (Reuters, 9/22/2015): Oakland's lawsuit [...]

September 25th, 2015|

CFPB, DOJ Announce Joint Action Against Hudson City Savings Bank in Redlining Settlement

Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank for illegal redlining. The complaint alleges that the Bank “structured its mortgage business to provide unequal access to credit products in majority-Black-and-Hispanic neighborhoods in New York, New Jersey, Connecticut, and Pennsylvania.” This settlement, [...]

September 24th, 2015|

2014 HMDA Data Now Available

On September 22, 2015, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of 2014 mortgage lending data submitted in compliance with the Home Mortgage Disclosure Act (HMDA). These data are relied upon by regulators, examiners, academics, industry leaders, and members of the general public to analyze the performance of mortgage lenders with regard to [...]

September 24th, 2015|

Four Common HMDA Reporting Errors and How to Mitigate Them

The Home Mortgage Disclosure Act (HMDA) requires covered institutions to make loan information available to the public. Regulators, examiners, academics, industry leaders, and members of the general public rely on these data to analyze the performance of mortgage lenders in achieving the goals established under the Equal Credit Opportunity Act (ECOA), the Fair Housing Act [...]

September 22nd, 2015|

Regulatory Framework Issued for Virtual Currency

The US Conference of State Bank Supervisors (CSBS), an organization comprised of representatives from state-level banking regulatory bodies, has released the final version of its model regulatory framework for digital currencies. The group recommended that companies involved with third-party exchange or transmission of digital currencies, as well as “services that facilitate the third-party exchange, storage [...]

September 18th, 2015|

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. [...]

September 4th, 2015|

Health Professionals Surveyed on Product Awareness and Brand Loyalty

A leading provider of breastfeeding support products sells its products at major retailers. The company faces competition in most product lines, and relies heavily on health professionals who work directly with breastfeeding mothers to recommend their products. Person to Person Quality conducted a series of studies of these health professionals to determine the types and [...]

September 4th, 2015|

Customer Satisfaction with Car Rental Reservations Hurt by Communication Issues

Person to Person Quality℠ was asked to evaluate the Customer Experience with the toll-free reservations line of a well-known rental car company.  Our research uncovered communication problems our shoppers were having with the reservation agents at the call center, which was located offshore, and how they were impacting the customer experience. "Call Program Pinpoints Cause [...]

September 3rd, 2015|

Discount Program with National Fitness Chain Fails to Impress Client’s Customers

Our Person to Person Quality℠ client was a well-known membership organization that partnered with a national fitness center chain to offer discounted fitness memberships to its members.  Our client wanted to know whether employees at the fitness centers were effectively describing the discount program and its benefits to our client’s members when they telephoned or [...]

September 2nd, 2015|

Analyzing Underwriting Fair Lending Risk: Dynamic Modeling of Underwriting as a Two Phase Process

In this contribution to ADI Adviser, ADI Senior Economist Paul J. Strasberg discusses the need for a dynamic analysis plan in modeling underwriting processes. Paul demonstrates how the dynamic approach is "better aligned with the process used by lenders, results in lower and well-identified high risk cases, and should be well received by regulatory authorities." In addition, [...]

September 1st, 2015|