Fair Lending

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

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 […]

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 […]

Ramping up, rather than letting up on compliance during COVID-19

  Banking regulators are temporarily reducing their examination schedules. At first glance, this reduction may seem to indicate that it is appropriate to ditch your compliance hat until the current quarantine period is behind us. Hold on to that hat though – while the examination schedule is delayed, regulatory requirements continue, and this new environment […]

New White Paper Urges CFPB Action to Address Pandemic

On April 6, 2020, a white paper on the effects of the coronavirus pandemic was published publicly and addressed to the current director of the Consumer Financial Protection Bureau (CFPB, the Bureau),  Kathleen Kraninger. This white paper – authored by Richard Cordray (former CFPB director), Diane Thompson (former CFPB deputy assistant director of regulations) and […]

OneWest Bank reaches settlement on redlining allegation

On July 29, 2019 the U.S. Department of Housing and Urban Development (HUD) announced its approval of an agreement between the California Reinvestment Coalition (CRC) and OneWest Bank. This complaint settles allegations by CRC that the bank discriminated against minority communities in the Los Angeles metropolitan area. The complaint filed with the HUD in 2017 […]