Monthly Archives: May 2020

Santander Agrees to Pay $550M to Settle Auto-Lending Lawsuit

Last week, Santander Consumer USA Holdings, which is part of Santander Bank, settled with 33 states and the District of Columbia through payments of $550 million. The settlement was the culmination of its long-standing effort to resolve compliance problems that arose six to ten years ago, from 2010 to 2014.  Broadly, the accusation was that [...]

May 26th, 2020|

OCC Announces Final CRA Modernization Rule

On May 20, 2020, the Office of the Comptroller of the Currency (OCC) announced the release of final rule designed to modernize its regulations regarding the Community Reinvestment Act (CRA). The final CRA modernization rule makes the following changes in the CRA compliance framework: Clarifies and expands the types of lending, investments and services activities [...]

May 22nd, 2020|

Compliance in the Era of COVID-19: The CRA

The current crisis caused by the COVID-19 pandemic has dramatically changed American society.  The tragic loss of life and unparalleled social and economic disruption make it difficult to imagine any community and industry that will not face long-term effects. More than a decade removed from the housing crisis and the resulting Great Recession, banks once [...]

May 21st, 2020|

CFPB Highlights Importance of Fair Lending for Minority and Women-Owned Businesses

On April 27, 2020, the Consumer Financial Protection Bureau (CFPB) released a blog post about Fair Lending to minority and women-owned businesses. The blog entry explains the purpose of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Small Business Administration’s Paycheck Protection Program (PPP). These loans are designed to allow small businesses to [...]

May 6th, 2020|