Archives: 2013

CFPB and DOJ Take Action Against National City Bank for Discriminatory Mortgage Pricing

Added on December 23, 2013

CFPB and DOJ Take Action Against National City Bank for Discriminatory Mortgage Pricing

WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) filed a joint complaint against National City Bank for charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers between the years 2002 and 2008. The agencies also filed a proposed order to settle the complaint that requires National City Bank, through its successor PNC Bank, to pay $35 million in restitution to harmed African-American and Hispanic borrowers.

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Justice Department and Consumer Financial Protection Bureau Reach $98 Million Settlement to Resolve Allegations of Auto Lending Discrimination by Ally

Added on December 20, 2013

Settlement Is Department's Third Largest Fair Lending Agreement Ever and Largest Ever Auto Lending Agreement The Department of Justice and the Consumer Financial Protection Bureau (CFPB) today announced the federal government's largest auto loan discrimination settlement in history to resolve allegations that Detroit-based Ally Financial Inc. and Ally Bank have engaged in an ongoing nationwide pattern or practice of discrimination against African-American, Hispanic and Asian/Pacific Islander borrowers in their auto lending since April 1, 2011.  The agreement is the first joint fair lending enforcement action by the department and CFPB.  With this agreement, eight of the top 10 largest fair lending settlements in the department's history have been under Attorney General Eric…

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Justice Department Reaches Settlement with Fort Davis State Bank to Resolve Allegations of Lending Discrimination

Added on December 19, 2013

Justice Department Reaches Settlement with Fort Davis State Bank to Resolve Allegations of Lending Discrimination

The Justice Department announced today that Fort Davis State Bank, based in Fort Davis, Texas, will implement uniform pricing policies, conduct employee training and pay $159,000 as part of a settlement to resolve allegations that it engaged in a pattern or practice of discrimination on the basis of national origin. The settlement, which is subject to court approval, was filed in conjunction with the department's complaint in the U.S. District Court for the Western District of Texas.  The complaint alleges that Fort Davis State Bank violated the Equal Credit Opportunity Act (ECOA) by charging higher prices for unsecured consumer loans to Hispanic borrowers than to similarly qualified non-Hispanic borrowers.  Fort Davis State Bank is a community bank with three branches that for…

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Special Report: Geocoding - Achieving the Highest Accuracy

Added on December 13, 2013

Special Report: Geocoding - Achieving the Highest Accuracy

Although geocoding is only one part of the examination accuracy testing, it is substantially different from the other submittable data that is tested. The geocode is probably the most important data element because of its demographic impact. There is no such thing as 100% accuracy for geocodes on a complete LAR due to the complexities and subtleties of the subject, but there is at least one proven solution that can achieve greater than 98% accuracy. This document contains statistical and anecdotal evidence describing how to achieve the highest precision level possible to help avoid a time-consuming resubmission process or a costly penalty.

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