FairLending

Fed and FDIC to Reassess Community Reinvestment Act Rules Amid Banking Scrutiny

5 days ago

The Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC) have announced plans to withdraw a final rule related to the Community Reinvestment Act (CRA), a pivotal law that encourages banks to meet the credit needs of underserved communities. This withdrawal comes at a time when both agencies are under increased pressure to evaluate the effectiveness of banking regulations in promoting fair lending and equitable access to financial services.

Rocket Mortgage Takes Legal Action Against HUD to Fight Discrimination Claims

4 months ago

In a significant legal development, Rocket Mortgage has initiated a lawsuit against the U.S. Department of Housing and Urban Development (HUD), seeking the dismissal of allegations claiming discrimination in its lending practices. The lawsuit was filed in the U.S. District Court for the Eastern District of Michigan and underscores Rocket Mortgage's commitment to defending its reputation against what it considers "meritless" accusations.

Goldman Sachs and Apple Face $89 Million Settlement Over Credit Card Practices

5 months ago

In a significant move sparked by a federal investigation, Goldman Sachs and Apple have agreed to pay a staggering $89 million following scrutiny from the Consumer Financial Protection Bureau (CFPB). This settlement is a direct result of practices surrounding their co-branded Apple Card, which raised numerous concerns about the fairness of its lending processes.