HUD Response: HUD cannot believe that the new laws are certain to get an effective chilling effect on financing within the lower income communities otherwise that it will remind litigation difficult fico scores, most other credit check requirements, or the requirements of your own Dodd-Frank Work. As the chatted about above, new rule will not replace the substantive laws; 11 government process of law away from is attractive provides acknowledged discriminatory effects responsibility not as much as the Operate as well as recent years courts features examined both meritorious and you may non-meritorious discriminatory effects says challenging lending means. Continue reading “New regulations and you can Teams Responses implementing ECOA together with clearly prohibit unjustified discriminatory outcomes”
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