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This new statutes and you will Professionals Comments using ECOA in addition to explicitly exclude unjustified discriminatory effects

This new statutes and you will Professionals Comments using ECOA in addition to explicitly exclude unjustified discriminatory effects

This new statutes and you will Professionals Comments using ECOA in addition to explicitly exclude unjustified discriminatory effects

HUD Reaction: HUD doesn’t believe that the signal will have a great chilling influence on financing within the low income communities otherwise that it’ll encourage litigation difficult fico scores, most other credit check conditions, and/or standards of your own Dodd-Frank Operate. Because the discussed significantly more than, the newest signal cannot replace the substantive law; eleven federal courts of appeals provides approved discriminatory consequences liability under new Operate and over many years courts have evaluated both meritorious and you can low-meritorious discriminatory outcomes states tricky lending strategies. As HUD enjoys reiterated, new rule formalizes an excellent substantive legal simple which is respected by each other courts and you can professionals about financing business having evaluating says of discriminatory effects. Indeed, regarding the financing framework, at the very least given that issuance of your Combined Coverage Declaration nearly 18 in years past, non-depository loan providers, banking companies, thrifts, and credit unions have been towards observe that government teen hookup regulating and administration firms, and additionally HUD and Agency away from Fairness, inations and you may assessment significantly less than the Fair Housing Act and you can ECOA. Ergo, neither good chilling perception nor a wealth of this new legal actions is also be anticipated for this reason rule. Indeed, bank conformity should getting quite much easier considering the rule’s clear and you may nationally consistent allotment regarding burdens and clarification of one’s showings each party need generate.

Issue: Specific commenters expressed concern one to up against the threat of different impression responsibility, loan providers might expand borrowing from the bank to members of fraction groups who do not qualify for the financing.

Almost every other commenters indicated concern about prospective accountability for directors of the federal Low income Casing Income tax Borrowing from the bank (LIHTC) system

HUD Impulse: The fresh Fair Construction Act doesn’t need loan providers to give borrowing from the bank so you can persons maybe not or even eligible to financing. While the talked about previously, the last laws formalizes a fundamental out of responsibility in Work that was in place for a long time. HUD is unacquainted with one financial located liable within the discriminatory effects basic for failing continually to make a loan to an associate regarding a fraction classification exactly who failed to see legitimate nondiscriminatory borrowing qualifications.

Issue: Various other commenters expressed an issue one discriminatory outcomes responsibility you will has an excellent chilling affect efforts designed to maintain or write sensible housing, as well as pursuant so you can HUD’s own programs, just like the most of current sensible casing inventory is located in regions of minority amount. A good commenter reported that resources designed to keep the development of affordable houses could well be “deflect[ed]” aside to answer says regarding disparate impact discrimination. Other commenter requested you to definitely HUD situation pointers to the affordable casing business as they administer HUD apps.

Such commenters reasoned the intensity of sensible property stock during the low-money portion, together with government standards and you can incentives and this enable the implementation regarding taxation credits inside low-earnings organizations, can result in discriminatory effects liability getting organizations providing the newest LIHTC program. Several commenters requested HUD to indicate regarding the last laws you to the newest mere approval away from LIHTC methods in minority section by yourself does not introduce a prima-facie matter-of different impression according to the Act otherwise that discovering LIHTC strategies during the lower-money section is a lawfully enough excuse to states out-of disparate perception discrimination.

A good commenter requested you to HUD provide suggestions so you’re able to including firms

HUD Response: HUD cannot anticipate the final rule to have a great chilling effect on the growth and you may maintenance regarding affordable construction while the, since discussed above, the new code will not expose a unique type of responsibility, but alternatively provides in order to formalize by regulation a basic that come applied of the HUD plus the process of law for many years, while you are getting all over the country regularity regarding software. The brand new signal does not mandate you to definitely reasonable casing be found into the areas that have people types of feature, however, requires, as Fair Houses Operate currently really does, only one houses creativity circumstances not have an unjustified discriminatory feeling.

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