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Judge blasts Colony Ridge settlement, declines oversight

Lending, Litigation, Politics and policy, State of Texas /

Key insight: The judge said the original complaint sought actual damages for Hispanic buyers steered into high-cost loans to buy undeveloped, flood-prone land. What’s at stake: The settlement provided no compensation to the buyers allegedly harmed and instead allocated $48 million for infrastructure and $20 million for law enforcement. Expert quote: “The court finds it […]

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CFPB finalizes new ECOA rule in major fair lending pivot

Fair Housing Act, Lending, Politics and policy, Racial bias, State regulators /

Key insight: The CFPB claims that the Equal Credit Opportunity Act does not include statutory language that would allow for a so-called “disparate impact” test for instances of unintended discrimination.  What’s at stake: The changes don’t let lenders off the hook entirely. States such as California, Massachusetts and New Jersey maintain strict anti-discrimination rules, creating

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Banks assail nonbank oversight in CFPB deregulatory push

Banks assail nonbank oversight in CFPB deregulatory push

Financial regulations, Lending, Politics and policy, State regulators /

Russell Vought, acting director of the Consumer Financial Protection Bureau, is also director of the Office of Management and Budget. He testified on Capitol Hill April 15.Bloomberg News Processing Content Key insight: The CFPB’s draft plan substantially cuts back on supervision of nonbanks, which bankers oppose.  What’s at stake: The plan mandates a radical reduction

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Judge rejects DOJ-Colony Ridge settlement

Judge rejects DOJ-Colony Ridge settlement

Lending, Litigation, Politics and policy, State of Texas /

Assistant Attorney General for the Justice Department’s Civil Rights Division Harmeet Dhillon, pictured in 2023.Bloomberg News Processing Content Key insight: A $68 million-dollar settlement was heavily criticized because it failed to provide any restitution for thousands of victimized borrowers.  What’s at stake: A federal judge questioned why $20 million of the settlement was earmarked to

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As tariffs take hold, banks still grappling with uncertainty

As tariffs take hold, banks still grappling with uncertainty

Economy, Lending, Politics and policy, Tariffs /

Bloomberg News A new round of tariffs imposed Thursday has raised alarm among economists, lawmakers and financial analysts not just for their impact on trade flows and prices, but for the ripple effects on the financial sector.  Broad tariffs on more than 90 countries went into effect Thursday, following the president’s previously announced deadline for

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20 banks with the largest mortgage origination volume in Q1

Lending, Mortgages, Originations /

Enjoy complimentary access to top ideas and insights — selected by our editors. The top five bank lenders included in this ranking had an average mortgage origination volume of more than $43 billion as of the end of the first quarter. A majority of banks saw a decrease in mortgage origination volume between the fourth

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10 states with the highest and lowest percentage of non-current loans

Lending, Mortgages /

Enjoy complimentary access to top ideas and insights — selected by our editors. The 13 states with the highest percentage of non-current mortgage loans had an average non-current loan percentage of 5.1%, with an average year-over-year change of 0.7%, as of March 31. The 11 states with the lowest percentage of non-current loans had an

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