Background The First United Bank of Texas (FUB) is a $1.2 billion FDIC regulated subsidiary of Plains Bancorp operating in western Texas (Dimmitt, TX). The FDIC/DOJ investigations found the Bank charged Hispanic applicants 205 basis points (BPs) more than non-Hispanic applicants for unsecured consumer loans. After performing a regression analysis, the basis point differential between […]
By now most compliance officers have heard about the consent order between Ally Bank, the CFPB and DOJ. In short, Ally agreed to pay a total of $98 million in fines ($18 million) and restitution ($80 million) in a disparate impact settlement of an indirect auto lending case. While several law firms and others have […]
Ben Bernanke Weighs in on Housing Discrimination Yesterday Federal Reserve Board Chairman Ben Bernanke gave a speech at the Operation HOPE Global Financial Dignity Summit in Atlanta. Bernanke’s remarks were among the most forceful comments about housing discrimination and fair lending that I can remember a Fed chairman making in my more than 20 years […]