Banks, Lenders Petition for Changes to Enforcement from DOJ
The American Banking Association, American Financial Services Association, Consumer Mortgage Coalition, Independent Community Bankers of America, and Mortgage Bankers Association sent a letter to former Alabama Senator, now U.S Attorney General, Jeff Sessions concerning the Department of Justice’s enforcement of fair lending laws. The trade groups are requesting a meeting to discuss laws and recent federal court decisions on the use of race in loan decisions. These same trade associations previously filed a series of letters with leaders at the U.S. Department of Housing and Urban Development regarding regulatory relief.
The trade groups are responding to a widespread shift in regulatory policy since Trump assumed the presidency earlier this year. Early in his tenure, President Trump signed an executive order to create a task force to report on regulatory burdens within the federal government. His government-wide review has extended to key provisions in the Dodd-Frank Act and could lead to reforms of the major financial legislation through agency action.
Read the letter to AG Sessions here: http://www.icba.org/docs/default-source/icba/advocacy-documents/letters-to-regulators/2017/ltr063017.pdf?sfvrsn=0