The Trials And Tribulations Of Disparate Impact Theory
Law360, New York ( June 19, 2015, 3:33 PM EDT) -- On May 28, 2015, the Consumer Financial Protection Bureau and U.S. Department of Justice filed a joint complaint against Provident Funding Associates LP, a nonbank wholesale mortgage lender, for violations of the Equal Credit Opportunity Act, Fair Housing Act and their implementing regulations (collectively, "fair lending laws") arising from alleged discriminatory mortgage pricing. Provident and the agencies agreed to a proposed consent order that, subject to court approval, would require the company to pay $9 million in damages to affected minority borrowers and improve its fair lending training and broker monitoring programs. This joint action is the latest demonstration of federal regulators' coordination to penalize lenders exercising pricing discretion in violation of fair lending laws....
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