ABA Banking Journal - June 2010 - (Page 39)

compliance clinic  |  fair lending Fair lending reheats Wells Fargo’s settlement with the NAACP highlights key vulnerabilities F By Lucy Griffin and Nancy Derr-Castiglione, contributing editors fully review its fair-lending program and performance. A recently settled case provides guidance. Wells Fargo Bank, N.A., has struck an agreement with the National Association for the Advancement of Colored People to settle a fairlending lawsuit. While details about what the bank will do are still being worked out and have not been made public, there is much to learn from the complaint and from agreements that NAACP has reached with other banks. Reviewing the complaint NAACP’s March 2009 complaint alleged that Wells and its affiliate Wells Fargo Home Mortgage, Inc., discriminated against African Americans by using racially neutral policies and practices that had a disparate impact on minorities. NAACP compiled information showing that many of the defendants’ African American cusjune 2010 | ABA BANKING JOURNAL | air-lending enforcement always seems to go through cycles. After a lengthy lull, enforcement activity is rapidly rising. Several factors brought this on. First, a change in administration usually brings a change in fair-lending enforcement. Second, there is more information available, through HMDA, for private organizations to use in evaluating lender practices. Third, examiners have maintained fair-lending exams, with the result that 31 cases were referred to the Department of Justice during 2009. And finally, when the mortgage market implodes, as it did, fingers will point in all available directions, including fair-lending. In this environment, every bank should care- 39

Table of Contents for the Digital Edition of ABA Banking Journal - June 2010

ABA Banking Journal - June 2010
Contents
Chairman’s View
Editor’s Column
The Economy
Bank Notes
When “Plans” Go Awry
Tech Topics
Pass the Aspirin
Cover Story: Danger Ahead
Blue Sky Amid the Clouds
Compliance Clinic
Compliance Inbox
ABA Resources
Board Matters
Legal Briefs
First Person

ABA Banking Journal - June 2010

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