Whitepaper: Fair Lending in New Biden Administration




Author: Michael (Mickey) Marshall

Michael “Mickey” Marshall is a Director of Regulatory Legal Affairs for the Independent Community Bankers of America® (ICBA) where he promotes ICBA positions before policymakers and advises ICBA community bankers on regulatory and industry changes. A frequent speaker at industry events, including the Wolters Kluwer CRA and Fair Lending Colloquium, Marshall has been quoted in S&P Global Market Intelligence, Roll Call, and Bank Director Magazine. His areas of responsibility include the Community Reinvestment Act (CRA), Fair Lending laws, and the regulation of Industrial Loan Companies (ILCs).

Prior to joining ICBA, Marshall was a clerk at the law firm Wharton, Levin, Ehrmantraut, and Klein in Fairfax, VA. He holds a BA in political science from Youngstown State University and a JD from George Mason University’s Antonin Scalia Law School. At Scalia Law, Marshall graduated with a concentration in Financial Services Regulation Law and was Articles and Research Editor for the Journal of Law, Economics & Policy.


Co Author: Yogesh Pandit

Yogesh has 20+ years of experience in data technologies and financial services focused on business transformation. Yogesh as an entrepreneur started HEXANIKA with a focus on leveraging innovative technologies for business transformation to make processes effective and efficient

Prior to HEXANIKA, Yogesh was a Senior Vice President at Citibank responsible for finance transformation strategy and change management. He also worked with Ernst & Young (EY) in New York in the Financial Services Strategy and Risk Advisory practices. His expertise includes working on large projects as a result of mergers, acquisitions, financial, regulatory and accounting reforms such as Basel, Dodd Frank, CCAR, IFRS, Bank Holding Company etc. He has provided solutions to many top-tier banks and Fortune 500 firms and led or supported audit and advisory engagements that included assessment of technology, business processes and controls.

Fair Lending in New Biden Administration

In our view, administrative enforcement and litigation initiated by the federal government and directed toward the consumer financial services industry is likely to increase under the Biden administration.

The result of President Biden’s election will be the replacement of the leadership and senior officials within key agencies, including at the Department of Housing and Urban Development (HUD), the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ). Some of these changes are already started and we have seen Rep. Marcia Fudge (D-OH) confirmed as HUD Secretary, Merrick Garland confirmed as Attorney General, and the nomination of Rohit Chopra as Director of the CFPB.

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