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DOJ announces settlement of redlining lawsuit

CFPB Monitor

The key allegations in the DOJ’s complaint are the following: During the relevant time period (2015-2021), the Newark, New Jersey-Pennsylvania Metro Division (Newark MD) as delineated in 2015 included Essex, Somerset, Union, Sussex, and Morris counties in New Jersey (Newark Lending Area). unlikely to be caused by chance) and sizeable.

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New York Dept. of Financial Services announces fair lending agreement with nonbank mortgage lender and releases redlining report

CFPB Monitor

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage , a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of lending to minorities and in majority-minority neighborhoods in Western and Central New York by Hunt Mortgage.”

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Patriot National Hits Regulatory Snag In SBA Platform Plans

PYMNTS

Community bank Patriot National has hit a regulatory roadblock in its plans to launch a Small Business Administrative platform, but reports in American Banker on Thursday (March 13) said the financial institution remains undeterred by the challenge. Hana is one of the largest SBA lenders, facilitating $96.6

National 139
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Consumer Lending: Should Banks Do It?

Jeff For Banks

When I first read Standards Needed for Safe, Small Installment Loans from Banks, Credit Unions by the Pew Charitable Trusts that encouraged financial institutions to get back into small ticket consumer lending, I thought “what are they nuts!” So why would banks expand small-ticket, unsecured personal lending? Even the big banks.

Lending 60
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CFPB Issues Report Addressing Asian American and Pacific Islanders in the Mortgage Market

CFPB Monitor

The CFPB recently issued a report entitled Data Point: Asian American and Pacific Islanders in the Mortgage Market. The report includes the following observations: “Using the detailed race and ethnicity information in the 2020 HMDA data, the [CFPB] finds that certain AAPI subgroups fared better than others in the mortgage market.

Report 78
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Mortgage applicants find cozy home at some credit unions

Abrigo

Utilizing the Bank Information platform, Sageworks recently released a ranking of the top mortgage lending credit unions in the U.S. In a lending segment once cornered by banks, credit unions are making an impact for those looking to purchase their own home. Image via Mapcustomizer.com.

Regional 186
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Community banks are thriving in Texas

Independent Banker

Here’s how four community banks are thriving in this environment. The 2020 Census quantified the growth many residents were already sensing: Austin grew by 33% between 2010 and 2020, earning it the rank of fastest-growing large metro. The Houston metro took the 10th spot with a 20.3% Photo by Dennis Burnett. By Mindy Charski.

Texas 182