April 04, 2016

NAFCU, trades ask for Fair Housing Act clarification

NAFCU and eight other financial trade associations filed an amicus brief in support of a petition for a writ of certiorari on Monday requesting clarification on the validity of an interpretation of the Fair Housing Act that has led to a Supreme Court case.

Wells Fargo petitioned the Supreme Court in March to consider whether the city of Miami has the legal right to sue banks for alleged violations of the Fair Housing Act. The 11th U.S. Circuit Court of Appeals ruled in favor of Miami in September; Wells Fargo is appealing. The city was suing banks over the alleged targeting of minorities for predatory loans, according to the Miami Herald.

NAFCU joined the American Bankers Association, Financial Services Roundtable, CUNA and the Independent Community Bankers Association, among others, to raise concerns in an amicus brief about the potential long term impact on its members, as many similar suits are ongoing and increasing across the country.