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CFPB and DOJ announce redlining settlement

CFPB Monitor

The joint complaint filed by the CFPB and DOJ in federal district court in New Jersey states that the action resulted from a joint investigation by the agencies of the bank’s lending practices following the CFPB’s referral of the bank to the DOJ pursuant to the ECOA. The proposed consent order requires the bank to pay a $5.5

NJ 60
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Banker Quotes: As Told To Me v6

Jeff For Banks

Bank SVP: the mortgage lending business is like a shark. Compliance? How do you calculate that cost, Mr. Regulator? NJ Banker and West Pointer Norm Beatty quotes Stonewall Jackson: "Never take counsel of your fear." Bank Exec: The mortgage business only has a 30-day business plan. You have to keep swimming to breath.

NJ 97