by Debbie Malzahn | Apr 17, 2024 | blog
Compliance with the Community Reinvestment Act (CRA) is essential for financial institutions that want to remain in good standing with regulators and the communities they serve. The CRA requires banks and other lenders to meet the credit needs of the communities in...
by Matt Piven | Dec 19, 2023 | blog
Let’s recap what has happened in 2023 on three different fronts: HMDA, fair lending, and CRA (the Community Reinvestment Act). I count eight important developments. These are listed in no particular order below: 1. OMB released a new MSA list in July 2023, which will...
by Debbie Malzahn | Nov 29, 2023 | blog, CFPB, HMDA, Uncategorized
In light of recent news regarding Bank of America’s penalties for inaccurate reporting under the Home Mortgage Disclosure Act (HMDA), it’s evident that precise reporting and adherence to HMDA regulations are paramount. Leveraging advanced HMDA analytical...
by Dana Ginsburg | Nov 13, 2023 | blog
In recent years, the U.S. federal government has taken concrete steps to clamp down on redlining — the illegal practice of denying services to residents of certain areas based on racial or ethnic composition. The Combatting Redlining Initiative reflects a groundswell...
by Debbie Malzahn | Nov 9, 2023 | blog
In life it’s a common adage that “an ounce of prevention is worth a pound of cure.” Nowhere is this wisdom more evident than in the realm of fair lending compliance practices. For banks and financial institutions, compliance with fair lending laws is...
by Matt Piven | Nov 6, 2023 | blog, HMDA
It’s now been five years since the HMDA reporting requirements were dramatically expanded in 2018, and, in my assessment, there continue to be substantial data quality concerns. In this blog, I will focus specifically on one field, the debt-to-income (DTI) ratio,...
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