“The federal CRA was inspired by a response to redlining and the systematic refusal of financial services to Black residents [in Chicago],” says Illinois State Senator Jacqueline Collins, who recently spearheaded the passage of legislation to strengthen anti-redlining rules in her state. Since 2003 she’s represented the district that includes the predominantly Black neighborhoods on the South Side of Chicago where she grew up and still lives today.
Collins and her family moved from McComb, Mississippi to Chicago in the early 1950s. She was just a child. They were part of the Great Migration six million Black people who fled the Jim Crow south, starting around the turn of the 20th century. An estimated 500,000 of them moved into Chicago. By 1970, there were one million Black people living in the Windy City one third of the city’s population.
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Inman Connect
After growing into the nation’s fourth-largest mortgage lender largely by refinancing loans provided directly to consumers, loanDepot is looking to build its purchase loan business by forming more joint venture partnerships with homebuilders.
A joint venture with Woodlands, Texas-based LGI Homes announced Thursday is the third such deal inked by loanDepot in a little more than four months. The company announced joint ventures with Schell Brothers in March and Brookfield Residential in December.
Each of the joint ventures will utilize loanDepot’s end-to-end digital lending platform, mello, which the company introduced in 2017 after pouring $80 million into its development over 18 months.
Each month, we host a 30-minute
webinar outlining the month s key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month s article, we share some of our top bites covered during the April 21 webinar.
So what happened at the CFPB in the past month?
Bite #10 - The CFPB submitted its FDCPA report to Congress and took various FDCPA enforcement actions
The CFPB released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). Among other highlights, the report notes the following CFPB accomplishments:
Identified several issues that raise the risk of consumer harm during the COVID-19 pandemic through its supervisory Prioritized Assessments;
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