FHA: Why Miami’s Suit Against Two Big Banks for Unfavorable Mortgages Matters to CUs
Miami is suing Wells Fargo and Bank of America for what it considers discriminatory actions against city residents for foreclosure actions that result in lower property taxes for the city. The matter is now before the U.S. Supreme Court. CUNA warns that the lower court ruling could set a bad precedent that would allow other entities, not just cities, but neighboring residents and even local businesses to go after banks or credit unions. This is a massive stretch of what the Fair Housing Act was meant to do. [8/30/16]
