The Office of the Comptroller of the Currency says it expects national banks to begin evaluating the new Home Mortgage Disclosure Act data they are collecting to see if their loan pricing appears to be discriminatory."We are in the process of contacting a group of national banks that include high-volume mortgage lenders," said Julie Williams, the OCC's general counsel. If they are not analyzing the first- and second-quarter HMDA data, the OCC will "tell them" to begin. Or the OCC may conduct its own analysis, she told a Consumer Bankers Association fair-lending conference. The OCC official stressed that national banks need to be prepared to explain to the public next summer that the 2004 HMDA data do not show discriminatory lending patterns, or else the reputations of individual institutions and the banking industry could be damaged. Ms. Williams also warned that the OCC will take appropriate actions if it receives evidence from HMDA reports or other credible sources of fair-lending violations.
-
A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
July 11 -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
July 11 -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
July 11 -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
July 11 -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11