Under the Holden Act, California's anti-redlining law, which entity is responsible for enforcing complaints of lending discrimination based on neighborhood characteristics?
Correct Answer
A) The California Department of Financial Protection and Innovation (DFPI)
The California DFPI (formerly Department of Business Oversight / DBO) oversees financial institutions and enforces the Holden Act's prohibitions against lending discrimination based on neighborhood characteristics. The Secretary of the Business, Consumer Services, and Housing Agency may also be involved.
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Related Topics & Key Terms
Key Terms:
Related Concepts
RESPA is a federal law that requires lenders to provide borrowers with information about settlement costs, prohibits kickbacks and referral fees, and limits escrow account deposits. It applies to federally related mortgage loans.
The secondary mortgage market is where existing mortgage loans are bought and sold between lenders, investors, and government-sponsored enterprises (GSEs) like Fannie Mae, Freddie Mac, and Ginnie Mae.
TILA is a federal law that requires lenders to disclose the true cost of credit to borrowers, including the annual percentage rate (APR), total finance charges, and loan terms. It is implemented by Regulation Z.
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