On December 28, 2016, the Department of Justice (DOJ) announced a settlement reached with two Ohio-based banks regarding allegations of redlining. The complaint alleges that the two banks – Union Savings Bank and Guardian Savings Bank – avoided lending to and opening branches near residents in predominantly African-American neighborhoods for the period of 2010 through [...]
On Friday, the Consumer Financial Protection Bureau (CFPB) set out its top Fair Lending priorities for 2017: Redlining; Mortgage and Student Loan Servicing; and Small Business Lending. The CFPB also marked the 40th anniversary of the Equal Credit Opportunity Act (ECOA) and noted its successes during the last five years: (1) More than $400 million [...]
In its December 2016 issue, the Mortgage Compliance Magazine published a collaborative article written by ADI President, Michael Mitchell, and Senior Consultants Rebecca Escario and Jonathon Neil. In this article, titled “Full Disclosure,” we shared our perspective on the challenges facing mortgage lenders in the short-run (i.e., 2016-18) and the long-run (i.e., 2019 and beyond) regarding [...]