Arnold & Porter explains First DOJ/CFPB Joint Redlining Settlement

On September 24, 2015, the US Department of Justice (DOJ), the Bureau of Consumer Financial Protection (CFPB), and Hudson City Savings Bank (Bank) entered into a consent order which, if approved by the court, would settle allegations that the Bank violated the Equal Credit Opportunity Act and the Fair Housing Act (FHA). The consent order is the latest in a series of actions taken by a number of regulators on both the state and federal level settling allegations of redlining based largely on statistical analysis rather than evidence of denied loans.1

The recent settlement was the result of investigations … Read more