Tag

Fair Lending

All articles tagged with #fair lending

law14 days ago•8 min saved

FTC Trims Protections Against Credit Discrimination in Auto Deals

The FTC signed settlements with Passport, Coulter Motor Company, and a former manager to drop parts of court orders meant to prevent unlawful credit discrimination in auto lending, and did not notify courts or coplaintiffs. The removed provisions would have banned race- or ethnicity-based pricing and required ongoing fair-lending training. Critics say the move undermines consumer protections and could enable discriminatory practices, while the FTC says it is moving away from disparate-impact theory in enforcement amid AI-driven lending shifts.

via WIRED|

#auto-dealers #discrimination #disparate-impact

business3 months ago•2 min saved

DOJ Reaches $30 Million Settlement With PayPal, Orders Race-Neutral Small Business Initiative

The Justice Department announced a settlement with PayPal over a discriminatory DEI investment program, requiring a race-neutral Small Business Initiative, fee waivers on up to $1 billion in eligible transactions (roughly $30 million), an appointed initiative director, needs assessments and plans, employee training on the Equal Credit Opportunity Act, and annual public reporting to ensure non-discriminatory access for American small businesses.

via Department of Justice (.gov)|

#business #dei #equal-credit-opportunity-act

finance2 years ago•3 min saved

Bank CEOs Rally Against Regulation Push in Congressional Hearing

The CEOs of major U.S. banks, including JPMorgan, Bank of America, and Citigroup, are expected to protest against capital hikes and new regulations before Congress, arguing that they will harm the economy. The CEOs will also address worker pay and rights, climate change, mortgages, and financial stability. The hearing comes as the industry campaigns against the "Basel Endgame" proposal and as regulators introduce fair lending and fee cap rules. The CEOs aim to convince lawmakers that the rules could stifle lending, while also assuring them of the safety and soundness of the banking sector.

via Reuters|

#basel-endgame-proposal #capital-hikes #fair-lending

finance2 years ago•2 min saved

"US Banks Brace for Stricter Fair Lending Regulations"

US regulators are set to finalize new rules that will grade banks on their fair lending practices, specifically focusing on the communities and geographies they serve through online lending. The changes to the Community Reinvestment Act (CRA) regulations aim to broaden the areas in which lenders must extend loans and services to low-income Americans, making it more challenging for banks to receive top marks for CRA compliance. The updated rules also seek to provide a more consistent process for grading banks' performance. While some industry commenters have called for revisions, banks have expressed concerns about compliance burdens and have urged regulators to extend the implementation time frame.

via Reuters.com|

#community-reinvestment-act #fair-lending #finance