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DOJ and CFPB Announce Landmark Redlining Settlement With Fairway Independent Mortgage Corporation

On October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement...more

DOJ Reaches Historic Multi-Million Dollar Redlining Settlement With Citadel Federal Credit Union

On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This...more

CFPB Releases New Circular on Opt-In Requirements for Overdraft Services

On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more

U.S. Senator Rounds Introduces Legislation Aimed at Fostering AI Innovation in the Financial Services Industry

On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services...more

League of Southeastern Credit Unions and Virginia Credit Union League Announce Merger Plans

Tuesday, the League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) announced plans to merge, marking the first state league consolidation since 2022. According to the leagues’ combined...more

CFPB Orders Mortgage Lender to Pay $2.25 Million for Allegedly Deceiving Servicemembers and Veterans

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more

FTC and Arizona AG Reach $2.6 Million Settlement with Motor Vehicle Dealer Over Alleged Deceptive and Discriminatory Sales and...

Last week, the Federal Trade Commission (FTC) and the State of Arizona announced a joint action against Coulter Motor Company, an Arizona-based motor vehicle dealership, and its former general manager, for allegedly engaging...more

White House Announces New Initiatives Targeting Consumer Experience

Last week, the Biden-Harris Administration launched a comprehensive initiative aimed at addressing what it describes as everyday hassles that waste Americans’ time and money. This new government-wide effort, called “Time Is...more

CFPB Tries to Stretch Section 1057 of the CFPA to Reach Nondisclosure Agreements

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued Circular 2024-04 warning financial institutions about the potential illegality of nondisclosure agreements (NDAs) that could deter whistleblowing....more

Seventh Circuit Reverses District Court Decision, Expands ECOA to Include Prospective Applicants

As discussed here, on February 3, 2023, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB or Bureau) in 2020 against Townstone Financial, Inc., a Chicago mortgage lender, for...more

CFPB Releases Supervisory Highlights Focusing on Debt Collection and Loan Servicing Practices

On July 2, the Consumer Financial Protection Bureau (CFPB or Bureau) published the summer edition of its Supervisory Highlights, focusing on examinations of auto and student loan servicing companies and debt collectors that...more

Federal Agencies Finalize Automated Valuation Model Rule

On June 20, six federal financial services regulators issued the final automated valuation model (AVM) rule. The AVM rule, initially proposed in June 2023 and discussed here, aims to implement the quality control standards...more

Fifth Circuit Rules CFPB Credit Card Late Fee Rule Case Stays in Texas

On June 18, the Fifth Circuit Court of Appeals granted the plaintiffs’ petition for a writ of mandamus, effectively halting the transfer of the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

Treasury Department Issues Request for Information on the Use of AI in Financial Services

On June 6, the U.S. Department of the Treasury (Treasury) issued a request for information (RFI) seeking public input on the uses, opportunities, and risks presented by the use of artificial intelligence (AI) within the...more

On Heels of Supreme Court Decision, CFPB Announces Updated Compliance Dates for its 1071 Rule

As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more

HUD Issues Guidance on Applicability of the Fair Housing Act to Tenant Screening and Housing-Related Advertising That Relies Upon...

On May 2, the U.S. Department of Housing and Urban Development (HUD) released two sets of guidance addressing the applicability of the Fair Housing Act (FHA) to two areas where, in the agency’s view, algorithmic processes and...more

New Policies From FHA and FHFA Allow Borrowers to Challenge Property Appraisals

On May 1, the Federal Housing Administration (FHA), and the Federal Housing Finance Agency (FHFA) announced new policies that will allow borrowers to challenge property appraisals they believe to be inaccurate or biased....more

CFPB Releases Special Edition of its Supervisory Highlights Focusing on Mortgage Servicers’ Alleged “Junk Fees”

On April 24, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights report focusing on examinations of the residential mortgage servicing market that were completed...more

DOJ Releases Final Rule on Web Content Accessibility Requirements for State and Local Governments Under Title II of the ADA

On April 8, the U.S. Department of Justice (DOJ) released its Final Rule to revise existing regulations implementing Title II of the Americans with Disabilities Act (ADA). This Final Rule clarifies the obligations of state...more

CFPB Annual Report Sees Continued Increase in Consumer Reporting Complaints and Complaints Involving Fraudulent Activity, Student...

On March 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Consumer Response Annual Report, providing a high-level overview of the 1,657,600 consumer complaints received by the Bureau from January 1...more

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