News & Analysis as of

Equal Credit Opportunity Act

Clark Hill PLC

Administrative Law Report - October 2024, Vol. 1

Clark Hill PLC on

Welcome to your monthly rundown of all things administrative law, where we highlight all the happenings you may have missed. Environmental/Energy: D.C. Circuit Defers to EPA’s Factual Determinations: On Aug. 13, the US Court...more

Hudson Cook, LLP

CFPB and DOJ "Combating Redlining Initiative" Finds National Mortgage Company in the Crosshairs for Alleged Lending Discrimination

Hudson Cook, LLP on

On October 15, 2024, the CFPB and DOJ filed a complaint and proposed consent order against the Company, alleging violations of the Fair Housing Act (FHA), Equal Credit Opportunity Act (ECOA) and its implementing Regulation B,...more

Troutman Pepper

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

Troutman Pepper on

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

Troutman Pepper

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

Troutman Pepper on

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

Ballard Spahr LLP

Citadel FCU is first credit union to settle DOJ redlining complaint

Ballard Spahr LLP on

The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic...more

Ballard Spahr LLP

Judge refuses to dismiss most reverse discrimination counts in case against Colony Ridge

Ballard Spahr LLP on

Saying that reverse redlining is a form of discrimination, the U.S. District Court for the Southern District of Texas has refused to dismiss a discrimination case alleging that Texas developer Colony Ridge specifically...more

Goodwin

Double Clicking on Innovation in Consumer Finance: Responsible Use of AI

Goodwin on

Artificial intelligence (AI) is becoming ubiquitous across sectors, and the financial services industry is no exception. With the rise of AI, there is also an increase in scrutiny by regulators over its use....more

Goodwin

CFPB Reverse-Redlining Claim Survives Dismissal in Colony Ridge

Goodwin on

​​​​​​​On September 13, 2024, the United States District Court for the Southern District of Texas granted in part and denied in part the defendants’ motion to dismiss in CFPB v. Colony Ridge, Case No. 4:23-cv-04729....more

Orrick, Herrington & Sutcliffe LLP

Court approves final settlement in class action against credit union alleging discriminatory loan denial based on DACA status

On August 15, the U.S. District Court for the Northern District of California, issued a final order approving settlement of a loan discrimination class action against a credit union, entering final judgment and ordering...more

Venable LLP

FTC Commissioner Claims Agency Creates Favorable Precedent Through Venue Selection

Venable LLP on

During the dog days of August, the Federal Trade Commission (FTC) brought two complaints against auto companies involving alleged deceptive and discriminatory price advertising....more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

Ballard Spahr LLP on

In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Locke Lord LLP

Legal Challenges to Small-Business ‎Data Collection Rule Dwindle as Texas Court Sides With CFPB

Locke Lord LLP on

On August 26, 2024, a federal district court for the Southern District of Texas granted summary judgment in the Consumer Financial Protection Bureau’s favor and rejected a challenge to the CFPB’s Final Rule regarding section...more

Ballard Spahr LLP

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

Ballard Spahr LLP on

The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Hudson Cook, LLP

CFPB Bites of the Month - August 2024 - All That's Left of the CFPB's Summer Sky

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior and current month covered during the August 2024 webinar....more

Ballard Spahr LLP

FTC, State of Arizona Charge Auto Dealership with Deceiving Consumers

Ballard Spahr LLP on

On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more

Sheppard Mullin Richter & Hampton LLP

Advocacy Group Petitions CFPB to Categorize Housing Rental Leases as “Credit”

On August 12, the National Consumer Law Center (NCLC), a prominent consumer advocacy group, petitioned the CFPB to open rulemaking under the Equal Credit Opportunity Act (ECOA) to expand the definition of “credit” to include...more

Troutman Pepper

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

Troutman Pepper on

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

Ballard Spahr LLP

Kentucky Court Grants a Stay of Case Pending a Decision in the Texas Small Business Lending Lawsuit

Ballard Spahr LLP on

On August 7, 2024, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s motion to stay the small business lending rule litigation before the court until resolution of the similar case pending in the...more

K&L Gates LLP

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

K&L Gates LLP on

The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more

Bradley Arant Boult Cummings LLP

Appeals Court Holds ECOA Liability Extends to Prospective Applicants

On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al. In this pivotal decision, the...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Husch Blackwell LLP

Preview of a Post-Chevron World: The Seventh Circuit Upholds Regulation B's Discouragement Prohibition as Consistent with ECOA

Husch Blackwell LLP on

With Loper Bright’s recent death blow to Chevron deference, some commentators have been predicting substantial constriction of the administrative state and the narrowing or limiting of the powers of federal regulators. For...more

McGuireWoods LLP

Consumer Financial Protection Bureau v. Townstone Financial, Inc.

McGuireWoods LLP on

On July 11, 2024, the U.S. Court of Appeals for the Seventh Circuit held in Consumer Financial Protection Bureau v. Townstone Financial, Inc. that the Equal Credit Opportunity Act (“ECOA”) protects prospective applicants and...more

Ballard Spahr LLP

OCC to review its preemption interpretations in light of Supreme Court opinion and state debanking laws

Ballard Spahr LLP on

On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more

Saul Ewing LLP

CFPB v. Townstone Financial - 7th Circuit Expands Equal Credit Opportunity Act Claims to “Potential Applicants” in Redlining...

Saul Ewing LLP on

On July 11, 2024, the U.S. Court of Appeals for the 7th Circuit held in Bureau of Consumer Financial Protection v. Townstone Financial, Inc., that the Equal Credit Opportunity Act (“ECOA”) prohibits discriminatory conduct,...more

825 Results
 / 
View per page
Page: of 33

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide