Racial bias

Wells Fargo directed its bilingual team to steer customers away from products with no closing costs toward "predatory lending options" without disclosing the costs, in part by refusing to provide Spanish-language written materials, according to the complaint.

Six regulatory agencies are seeking public comment on a proposed rule that would establish best practices for using automated valuation models to assess collateral.

The Stroudsburg, Pennsylvania-based financial institution, from 2017 to 2021, did not sufficiently serve the credit needs of majority-Black and Hispanic neighborhoods in and around Philadelphia, the DOJ alleges.

Artificial intelligence can help cut bias out of credit models. The Consumer Financial Protection Bureau should make it easier for lenders to adopt it.

The California Reinvestment Coalition, the group behind the assessment, is calling for increased nonbank oversight.

Prosecutors claim every dollar in subsidy funds from settlements equates to ten times the amount in value in home lending efforts.

The Ohio-based bank concentrated most of its lending branches in majority-white neighborhoods and did nothing to compensate for its lack of physical presence, the DOJ claims.

The filing is the most recent accusation of discrimination in the field, an issue that has drawn attention from the White House last year.

Its "enhanced" oversight procedures now include a multilayered review process and if discriminatory bias is confirmed, an appraiser "will be subject to removal," the department said

The department wants to make changes to its reconsideration of value process by giving Federal Housing Administration borrowers the opportunity to seek a second appraisal