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CFPB issues report on state community reinvestment laws

CFPB Monitor

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In the news: Are community banks and credit unions overregulated?

Abrigo

One of the topics continually making headlines in banking today is the cost of regulation. A popular opinion, brought to the forefront last week by a Harvard University report , is that these regulations are imposing a significant burden on small financial institutions such as community banks and credit unions.

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New York amends its Community Reinvestment Act to cover non-bank mortgage lenders; New York DFS issues proposed revisions to CRA regulation to require collection of data by banks on loan applications from minority- and women-owned businesses

CFPB Monitor

6247-A) to the New York Community Reinvestment Act (NYCRA) that expand the NYCRA’s coverage to non-depository mortgage lenders. New York now joins a small group of states, including Illinois and Massachusetts, that apply CRA-type laws to non-depository mortgage lenders. The amendments are effective November 1, 2022.

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Massachusetts federal court stays effective date and enjoins enforcement of HUD final rule revising FHA disparate impact standards; 2 other lawsuits filed challenging rule

CFPB Monitor

On October 25, a Massachusetts federal district court entered a preliminary injunction staying and postponing the effective date of the final rule issued by HUD last month (“2020 Rule”) revising its 2013 Fair Housing Act disparate impact standards (“2013 Rule”). In Inclusive Communities , the U. emphasis included).

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President Biden Issues Executive Order Directing HUD to Review Fair Housing Act Disparate Impact Rule

CFPB Monitor

Although set to become effective on October 26, 2020, the 2020 Rule’s effective date has been stayed pursuant to a preliminary injunction entered by a Massachusetts federal district court. In Inclusive Communities , which was decided in 2015, the U. Supreme Court ruled that disparate impact claims are cognizable under the FHA.

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WEF Forms Consortium For International Crypto Governance

PYMNTS

The Global Consortium for Digital Currency Governance will be geared toward the development of transparent, interoperable and inclusive approaches to policy to regulate the crypto industry and facilitate work between the public and private worlds in emerging and developed economies, Cointelegaph reported.

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Credit Union Helps US Marijuana Businesses Put Down Roots

PYMNTS

On October 4, the Massachusetts Cannabis Control Commission (CCC) issued its final four recreational marijuana licenses to businesses, meaning legal marijuana will soon be available for purchase. Massachusetts joins a handful of states, including Colorado, Washington and Maine, that have taken steps to legalize recreational marijuana.

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