CFPB Fair Lending Report

first_img continue reading » Late last month, the CFPB issued its annual Fair Lending Report for 2018. 2018 was a year of change for the Office of Fair Lending and Equal Opportunity (OFLEO). Last year, the OFLEO transitioned from the Supervision, Enforcement, and Fair Lending Division to the Director’s Office. But as in years past, the report described the CFPB’s efforts to fulfill its fair lending mandate. You may recall that the Dodd-Frank Act created the OFLEO. See, 12 CFR § 5493(c). And Dodd-Frank required that the OFLEO provide Congress with annual reports about its efforts to fulfill its fair lending mandate. See, 12 CFR § 5493(c)(2)(D).As usual, the report described the CFPB’s outreach efforts, relevant guidance and rulemakings, interagency coordination, and supervision and enforcement efforts. In line with the year of change for the OFLEO, the report highlighted the CFPB’s first fair lending symposium that was held in September 2018 – Building a Bridge to Credit Visibility. The symposium placed a spotlight on those consumers who are considered credit invisible – that part of the adult population that has at most a very limited credit record with one of the three nationwide credit reporting agencies. The symposium explored the barriers that lead to credit invisibility and some potential solutions to providing the credit invisible with access to credit.With the focus on the credit invisible, 2018 saw recommendations that the CFPB perform supervisory reviews of third-party credit scoring models. These credit scoring models may use alternative data and modeling techniques that may increase access to credit for credit invisible consumers. The alternative data referred to in the report goes beyond what may normally be found in a consumer’s credit file, things like utility or mobile phone bills or even data from social media. But the flip side to the potential for increased access is the possibility that this alternative data may also present fair lending risk. The purpose of the supervisory review is to see whether these types of alternative data credit scoring models benefit credit invisible consumers because of the use of these types of alternative data credit scoring models and what types of fair lending risk arise through their use. 1SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Walls Without Water-Resistive Barriers

first_imgUnless a builder has opted for a Zip System wall or is willing to ignore building code requirements, a layer of housewrap or building felt typically covers any exterior sheathing before the siding is applied. This water-resistive barrier, or WRB, helps to protect the sheathing from damage in the event that water is driven past the siding.But as Richard Baumgarten explains in a Q&A post at GreenBuildingAdvisor, there may be circumstances where the builder would just like to skip it. Under a rainscreen, for example.“I’ve avoided the use of a WRB on my roof, and would like to go without on my walls,” Baumgarten writes. “Covering an entire house with a WRB seems excessive in a rainscreen system. Capillary water seems to be the only enemy of a rainscreen wall. Impermeable furring strips, or an impermeable strip at the furring strip layer, would appear adequate at preventing capillary moisture from migrating into the wall from wet siding. Asphalt felt or plastic housewraps do not seem ideal for this task.”Baumgarten presents the question not as a dollars-and-cents issue, but as part of an effort to build a house that minimizes its “toxic imprint.” Baumgarten says he knows what building codes require and what the experts say, but doesn’t find it convincing. Using a WRB assumes that bulk water will get past the siding, “which shouldn’t happen,” and flashing can be integrated directly with the siding.“I just installed a slate roof,” he says. “It doesn’t need a WRB to be waterproof, just proper laps. Why can’t siding, which isn’t nearly as vulnerable as the roof, be detailed the same way? I’m exempt from building to code, thankfully.” Skipping the WRB isn’t worth the risk“A WRB is required by all building codes,” GBA senior editor Martin Holladay tells Baumgarten. “It is also recommended by all building experts.”If Baumgarden wants to avoid using plastic housewrap or asphalt-saturated felt, he could choose a liquid-applied WRB, Holladay says. “But a WRB is not optional,” he adds. “You have to have a WRB so you know where you can tie in the flashing. All flashings must be integrated with your WRB.” RELATED ARTICLES RELATED MULTIMEDIA Video: Vented Rain Screen Siding Assemblies Using rigid foam as a weather barrierThe discussion prompts Jeff Nelson to ask whether foil-faced polyiso board could be used under a rainscreen as the WRB.Holladay replies that most building codes allow the use of some brands of polyiso as a WRB, “as long as the flashing method for the top of the windows is to use tape — the same type of tape used by the manufacturer during their AC71 testing…” Holladay isn’t a big fan of taping over foam as a way of flashing because he worries about the long-term durability of the tape adhesive.“Of course, you can always go outlaw, and ignore the AC71 details, and instead come up with your own (better) flashing methods,” he adds. “After all, very few code officials even understand the AC71 approval process. However, that approach puts you at the mercy of any code official who wakes up one morning and does his homework.”Holladay says that most leaks occur at windows, and that window flashing works best with a WRB. “I’m not saying that it’s impossible to flash a window directly to the siding,” he says, “but to do it right, you would have quite a bit of visible metal flashing at the window perimeter, and the results would depend strongly on the skill of the installer and the quality of the flashing materials chosen.”Michael Maines, however, isn’t convinced Baumgarten is on the wrong track. “With all the right details, well executed, I bet it’s possible to build without a WRB,” Maines writes. “The building code is the minimum standard as agreed upon by a bunch of experts, but that doesn’t make it gospel. I would use large siding overlaps, soldered sill pans and head flashings, vertical shiplap sheathing, an insulation that can take some amount of wetting such as dense-pack or mineral wool, airtight drywall on the inside, and good humidity control. Actually I would just use a WRB but appreciate the desire to think outside the box.” Providing a capillary breakAs to Baumgarten’s notion that using “impermeable” furring strips in the rainscreen, or inserting an impermeable layer beneath the strips, would prevent moisture from wicking into the sheathing — not so. Holladay tells him that neither housewrap nor felt is a capillary break. “A 3/4-in. air space is a capillary break,” he says. “A 4-in. thick pile of crushed stone is a capillary break. Ice & Water Shield is a capillary break.”And in this case, using a WRB looks like a concession that’s probably worth making, even if Baumgarten’s goals are admirable.“I think we all understand, admire and empathize [with] your not wanting to use man-made (generally toxic, to some degee) materials,” John Klingel says. “But if you or the next cat have to rebuild the house, that has its negative impact, too. Sometimes we just have to lose a battle to win a war. When the house is, eventually, demo’d, the housewrap can go to the recycle center. Put it in and sleep well.”Baumgarten has to agree. “I’m convinced to use a WRB,” he says.center_img Cheap insuranceBut James Morgan agrees with Holladay. “I think you are making two mistakes,” he writes. “First, assuming that gravity and capillary action are the only conditions affecting bulk water movement in your wall assembly; second, that you are capable of achieving a perfect lapped siding/trim/flashing assembly that will last indefinitely.“A WRB is a protection against wind-driven rain or snow working its way past the lapped assembly. It’s also an inexpensive insurance against any imperfection in a critical assembly detail which may be compromised by future conditions which you cannot predict. If it never rains and the wind never blows where you live, a WRB-free assembly will be fine. Otherwise, proceed at your own risk.” Rainscreen Siding All About Water-Resistive BarriersUsing Rigid Foam as a Water-Resistive BarrierAll About Wall Rot Q&A: Rainscreen Wall with Insect Screen Q&A: What is Preferred, Rainscreen or Rigid Foam Insulation? CONSTRUCTION DETAILS Our expert’s opinionHere’s what Peter Yost, GBA’s technical director, views it:I don’t disagree with ANY of the perspectives in this discussion; they are all well thought out. And if only all design, specification, and construction were done with this level of understanding and reflection!My knee-jerk reaction is: of course you need a WRB. But if you asked me which is more important for the long-term hygrothermal performance of building assemblies — the WRB or the rainscreen free-draining airspace — I would have to say the latter not the former!But I don’t think it is about the choice, it’s about balancing the risk and benefit. ASHRAE 160 — “Criteria for Moisture-Control Design Analysis in Buildings” — assumes that 1% of the liquid water reaching the wall cladding gets past the cladding and deposits on the WRB. That number was not arbitrarily selected; it’s based on considerable research and experience from some of our leading building scientists.Can various wall sheathings handle that 1%? I bet if we did a series of computer simulations using WUFI we would find that indeed many if not most assemblies could tolerate that level of wetting. But my bet is that each of us would sleep a lot better at night knowing that we included a dedicated concealed drainage plane — the WRB tied into flashings — to manage whatever moisture gets past our claddings.And when I think of the environmental footprints of all the various materials we include in our buildings, the asphalt-impregnated building papers and spun-bonded polyolefins we can choose for our WRBs are simply not the drivers of environmental impact that I worry about.last_img read more

Rafael Benitez refuses to rule out Newcastle exit

first_imgNewcastle United manager Rafael Benitez refused to give any guarantees that he will remain in charge until the end of the season.The Magpies have endured a difficult second campaign back in the Premier League following a lack of new signings over the summer transfer window.Currently, Newcastle find themselves just two points above the relegation zone and suffered early exits in both the Carabao Cup and FA Cup.Adding to their woes is the failed attempts to recruit new talent in this month’s transfer window after loan deals for Atletico Madrid’s Gelson Martins and Lazio’s Jordan Lukaku fell through.This has left many wondering what will come of Benitez’s own future at St James’ Park with the Spaniard out of contract at the end of the season and having previously expressed his frustrations over the club’s transfer policy.Speaking ahead to tonight’s home game against Premier League champions Manchester City, Benitez admitted he isn’t sure there will any new signings arriving before Thursday’s deadline.“I am not in charge of the deals,” said Benitez, according to Daily Mirror.Harry Maguire, Manchester UnitedLiverpool legend Nicol slams Harry Maguire’s Man United form Andrew Smyth – September 14, 2019 Steve Nicol believes Harry Maguire has made some “horrendous mistakes” recently, and has failed to find his best form since joining Manchester United.The former Liverpool boss could leave Newcastle without having to pay any compensation and hinted last week that this month’s transfer activity could have a key impact on whether or not to sign a renewal.“No, I cannot guarantee anything,” replied Benitez, when asked if he could leave before the end of the season.“I guarantee I will be focussed and try to do my best every minute.”As for leaving on Thursday, he added: “We will wait until Thursday and see what happens.“Hopefully we can get three points against Manchester City and then everybody will be happy.”Newcastle ended a five-match winless run in the Premier League last time out by grabbing a crucial 3-0 win over relegation rivals Cardiff City.Benitez will be hoping that his side can take some badly needed momentum from that victory ahead of tonight’s encounter with City that will begin at 21:00 (CET).last_img read more

Zlatan Ibrahimovic joined Man United to prove haters wrong

first_imgZlatan Ibrahimovic revealed that his main motive in signing for Manchester United was to prove his “haters” wrong by conquering the Premier League.The Swedish striker arrived at Old Trafford in 2016 on a free transfer from Paris Saint-Germain and on the verge of becoming 35 years old.Due to this, questions were naturally raised over the kind of impact Ibrahimovic could make at United at that stage of his career.But the Swede quickly set about proving doubters wrong by netting 28 goals in 48 appearances for his debut campaign before suffering serious ligament damage in his right knee during a Europa League match in April 2017 against Anderlecht.Amid struggles to regain full fitness from the setback, Ibrahimovic left Old Trafford in February 2018 in favour of a move to MLS at LA Galaxy.“My challenge was, at the age I was, coming to England, where I had years of everybody was saying I wasn’t good enough,” Ibrahimovic told the club website.“I like those things because they trigger me. They give me adrenaline.“After three months, all of them were eating their own words. I needed new haters because all the old ones became my new fans!“Wherever I went before United, I won, and it was my pleasure that it happened again in England. Winning is in my DNA, I need to win – that’s my mentality. I hate losing. I’m not a bad loser, but I hate it and I love to win.“I said we would win and we won two big trophies. That speaks for itself.Harry Maguire, Manchester UnitedLiverpool legend Nicol slams Harry Maguire’s Man United form Andrew Smyth – September 14, 2019 Steve Nicol believes Harry Maguire has made some “horrendous mistakes” recently, and has failed to find his best form since joining Manchester United.“That whole first season at United was fantastic. Everything was. I really enjoyed it. The family was happy, everybody was happy, the club took care of me and made it really easy for me. I just needed to turn up, put on my football boots and perform.“When I came to United and I said I would conquer England, people were laughing at me. I wasn’t joking.”The one and only won the treble in his only full campaign at United in the Community Shield, Carabao Cup and the Europa League.And Ibrahimovic also paid tribute to the Red Devils’ supporters.He added: “The United fans are amazing. I’m not just saying that because I played for United. I know now because I’ve been on their side and I know the feeling they give you.“They really appreciated what I did and they were thankful. That is the best credit a player can get because when you do something and you get that response from the fans, it’s amazing.“They are 50 per cent of everything we do. Imagine if you played in empty stadiums… you would not play.“In Old Trafford, it was always full. Always. In every away game they always showed up, always supported.”Ibrahimovic managed 22 goals and seven assists in 26 MLS games for Galaxy in 2018 and had been strongly linked with a return to AC Milan in the January transfer window.LONDON, ENGLAND – FEBRUARY 26: Zlatan Ibrahimovic of Manchester United celebrates victory with the trophy after during the EFL Cup Final between Manchester United and Southampton at Wembley Stadium on February 26, 2017 in London, England. Manchester United beat Southampton 3-2. (Photo by Alex Livesey/Getty Images)last_img read more

Roll Out of EZ Pay in TCI today

first_img Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 24 Feb 2016 – RBC Royal Bank will introduce a new product to the Turks and Caicos market today at the bank from 4 to 5:30pm. You’ve heard and seen the promotions; it is called RBC EZ Pay and not only does it offer prizes and rewards for early sign up of businesses interested in the on the go payment system, but RBC says EZ Pay will make operating from a small to a big business much easier and cashless. The Bank’s executives will take time today to describe the advantages of EZ Pay at the bank. Again, the roll out for the Turks and Caicos Islands of RBC EZ Pay is at 4pm at Raleigh House, Leeward Highway. Related Items:rbc ez pay, royal bank of canada RBC will refinance TCI UK Bail Out loan RBC Team off to Grand Turk with EZ Pay 16 Graduate from Save The Bays International YEA Leadership Training Programlast_img read more

Jermain Defoe sets eyes on Premiership title

first_imgRanger manager Steven Gerrard has lauded the additions of Jermain Defoe and Steven Davis to his squad this January.Defoe is on an 18-month loan from Bournemouth, while Davis has returned to Rangers from Southampton on an initial six-month loan subject to international clearance.Defoe made his intention for the club this season known via Twitter where he tweeted: ‘Let’s bring that trophy home boss.’Gerrard who played with Defoe in the national team told Daily Mail:Steven Gerrard, Michael OwenOwen reveals why Liverpool didn’t offer Gerrard a new contract Manuel R. Medina – September 6, 2019 According to Owen, the Reds wanted to sell Gerrard two years before he left the club and that’s why they didn’t offer him a contract renewal.“He is an exceptionally talented striker and vastly experienced footballer who has scored goals at every club he has played for.“He will be a great addition to our dressing room and we look forward to integrating him into the squad whilst we work in Tenerife over the next week.”Steven Gerrard’s Rangers are hoping to lift the Scottish Premier League this season after a long period of dominance by defending Champions Celtic.last_img read more

Statewide Smokefree Workplace Bill Signed Into Law

first_imgGovernor Bill Walker signed the statewide smoke-free workplace bill into law today at the Lucky Wishbone, reportedly the first restaurant in Alaska to go completely smoke-free. Businesses affected by the ban are required to put up signs that reads “Smoking Prohibited by Law–Fine $50.” Businesses that fail to post these signs will be liable for a fine between $50 and $300. Facebook0TwitterEmailPrintFriendly分享Starting on October 1, a new law goes into effect in the State of Alaska, the smoke-free workplace bill was signed into law today. If a community decides it wants to allow smoking in those environments, they can choose to “opt out” by putting the question on the ballot for the residents of the area to vote on. Smoking in pretty much any workplace whether it’s a public-facing business like restaurants, bars and music venues or more closed to the public like an office or hotel room is also banned. Senate Bill 63, commonly called the “Take it Outside Act,” was sponsored by Senator Peter Micciche (R-K-Pen), to protect Alaskans working indoors from secondhand smoke. The law includes marijuana and electronic cigarettes. The new law will also ban smoking outdoors at open-air venues like the seating area of outdoor concerts and sporting events, as well as near entrances to buildings affected by the ban and near playgrounds when children are present. Smoking on public transportation or in shared work vehicles would also be banned.last_img read more

Trump immigration framework Gain or loss for Indians chasing the American dream

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Cardinals to Travel to Charlestown Southern and Furman

first_imgStory Links University of Louisville women’s tennis (5-0) battles Charles Southern (1-0) Saturday, Feb. 2 in Greenville, South Carolina for the Cardinals first road trip of the season.UofL has outscored their opponents thus far with the combined scores of 28-7. The Cards have two players at 5-0 in singles in junior Raven Neely and sophomore Nikolina Jovic.Redshirt senior Aleksandra Mally has won her past three matches at No. 1 for head coach Mark Beckham.Charleston Southern dropped its season opener 4-0 to Clemson. The Buccaneers are coming off an 11-8 season and were selected third in the Big South preseason poll.Sophomore Madalina Man returns to CSU after earning first team Big South honors. Man will be leaned on to carry the load after the departure of seniors Sophie Cloessner and Valeria Koussenkova.Head coach Anca Dumitresu has a trio of seniors in Flippa Ericason, Kimberley Koerner and Yana Morar. Korner recorded nine wins at singles last year while Ericason posted eight.Sophomore Michelle Schmitz posted five wins and will be expected to contribute more this season. Freshman Tiffany Pyritz enters as the fifth ranked player out of North Carolina.The Buccaneers also added Wofford transfer Liz Williams who is eligible to play this season.Louisville will play Furman on Sunday, February 4. The Paladins enter  the weekend with a 2-0 record.  Furman blanked Elon, 7-0, to open the season on Jan. 20, then defeated Georgia State, 5-2, on Jan. 21.  Sunday’s match versus the Cardinals marks the sixth meeting between the two teams.  Louisville defeated Furman, 6-1, last season in Louisville, to take a 3-2 series lead.    Print Friendly Versionlast_img read more