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Mortgage lender argues for dismissal of CFPB complaint alleging race discrimination
The mortgage lender responded to the Bureau’s argument that Regulation B’s discouragement prohibition is reasonably related to ECOA and applies to prospective applicants.
Former ‘Think Finance’ CEO, National Credit Adjusters, settle Pennsylvania AG’s action
The respective settlements effectively end the allegedly unlawful payday lending scheme that "targeted as many as 80,000 Pennsylvania consumers" for approximately $133 million.
Fed proposes to automate member banks’ stock adjustment process
The Fed’s action aims to reduce regulatory reporting burdens by eliminating the need for member banks to file applications to adjust their stock subscriptions, as well as allowing Reserve Banks...
Fed issues interpretive letters on HOLA covered savings associations, interplay with banking laws
If a federal savings association were to elect to operate as a covered savings association, the Fed would consider it to be a national bank, with consequences for the parent entities.
Reforms worked ‘well’ during COVID; changes to capital buffers recommended
Looking at the pandemic as a "stress test," the study found very little "new" lending had occurred—possibly due to large banks’ vulnerability to investor sentiment...