Fair Lending Report issued under acting Director Mick Mulvaney
AML AND COMPLIANCE NEWS |
Bureau of Consumer Financial Protection (Bureau) issued its Fair Lending Report on Dec. 13, 2018, under acting Director Mick Mulvaney describing fair lending activities that took place under former Director Cordray’s leadership and covering activities during 2017. The report indicated that the Bureau’s fair lending priorities in 2017, similar to those for 2016, focused on redlining, mortgage and student loan servicing, and small business lending. For the section on supervisory activities, the Bureau reviewed previously provided information in its supervisory highlights for spring and summer 2017. The Bureau reviewed its two public 2017 fair lending enforcement actions (Nationstar Mortgage LLC and American Express Centurion Bank and American Express Bank, FSB), several consent orders, and a number of pending redlining and other fair lending investigations.
The rulemaking section, discussed various HMDA/Regulation C developments and the Bureau’s final rule amending Regulation B to facilitate Regulation C compliance as well as the Bureau’s progress in developing rules on collecting small business lending data. The report also contained sections regarding outreach to private industry, civil rights, consumer and community advocates as well as discussing the Bureau’s coordination with other federal agencies.
Unfortunately, the new report does not address the Bureau’s 2019 fair lending priorities. Even if its priorities were addressed, they may change considering its new director, Kathy Kraninger, will play a significant role in setting the Bureau’s fair lending schedule going forward. Director Kraninger stated that she has not reached any conclusions regarding the future of the Bureau’s fair lending policy and is awaiting staff briefings.