Independent Banker - February 2022 - 34

PORTFOLIO
data and, if needed, take corrective
action before an issue develops
with regulators. "
Looking at 2021, it's easy to spot
enforcement trending upward.
◎FOCUS COMPLIANCE
CFPB changes:
How you can prepare
With a new CFPB director and heightened enforcement of fair lending
over the past year, now is the time for community bankers to examine
their own fair lending patterns and policies. By Mary Thorson Wright
ommunity banks have maintained
a strong record of providing access
to credit in their local communities and
taking their fair lending obligations
seriously. However, as early as 2020,
sources predicted a substantial rise in
enforcement actions in bank-related
issues to further the goals of economic
inclusion and fair lending. So, now is
a good time to track changes in fair
lending enforcement efforts and to take
stock of programs in support of fair,
C
safe and sound bank practices.
" This administration is more
proactive in terms of enforcement, "
says Michael Marshall, director,
regulatory legal affairs for ICBA.
" Whether there are fair lending
complaints or issues are discovered
during examinations or other
supervisory activities, we expect
diligent follow up. Banks need to take
proactive steps to monitor their own
lending patterns, track and analyze the
A recent history of the CFPB
January 2021: During the previous
administration, the number of fair
lending cases decreased. Upon his
appointment at the start of 2021,
Consumer Financial Protection
Bureau (CFPB) acting director Dave
Uejio confirmed that the CFPB wants
to be more actively involved in the
fair lending space.
" It's also time for the CFPB
to take bold and swift action on
racial equity, " Uejio said in a past
comment. " I am going to elevate and
expand existing investigations and
exams and add new ones to ensure
we have a healthy docket intended
to address racial equity. This, of
course, means that fair lending
enforcement is a top priority and will
be emphasized accordingly. "
June 2021: The U.S. Department
of Housing and Urban Development
(HUD) proposed to rescind its
2020 changes to the Fair Housing
Act (FHA) disparate impact rule. It
would revert to the 2013 standard,
which is more plaintiff-friendly, has
a lesser pleading requirement and
makes it easier for HUD to bring
cases under the rule.
August 2021: HUD and the
Federal Housing Finance Agency
(FHFA) announced an agreement
regarding fair housing and fair
lending coordination. The two
agencies will enhance enforcement
of the FHA and oversight of Fannie
Mae, Freddie Mac and the Federal
Home Loan Banks.
October 2021: The CFPB released
research showing that consumers
in majority Black and Hispanic
neighborhoods, younger consumers
34 Q ICBA Independent Banker Q February 2022

Independent Banker - February 2022

Table of Contents for the Digital Edition of Independent Banker - February 2022

Table of Contents
Independent Banker - February 2022 - Intro
Independent Banker - February 2022 - Cover1
Independent Banker - February 2022 - Cover2
Independent Banker - February 2022 - Table of Contents
Independent Banker - February 2022 - 2
Independent Banker - February 2022 - 3
Independent Banker - February 2022 - 4
Independent Banker - February 2022 - 5
Independent Banker - February 2022 - 6
Independent Banker - February 2022 - 7
Independent Banker - February 2022 - 8
Independent Banker - February 2022 - 9
Independent Banker - February 2022 - 10
Independent Banker - February 2022 - 11
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Independent Banker - February 2022 - 13
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Independent Banker - February 2022 - 16
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Independent Banker - February 2022 - 28
Independent Banker - February 2022 - 29
Independent Banker - February 2022 - 30
Independent Banker - February 2022 - 31
Independent Banker - February 2022 - 32
Independent Banker - February 2022 - 33
Independent Banker - February 2022 - 34
Independent Banker - February 2022 - 35
Independent Banker - February 2022 - 36
Independent Banker - February 2022 - 37
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Independent Banker - February 2022 - 40
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Independent Banker - February 2022 - 50
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Independent Banker - February 2022 - Cover3
Independent Banker - February 2022 - Cover4
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