FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. ...more
2/25/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
ECOA ,
Enforcement Authority ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Military Service Members ,
Regulation B ,
Small Business ,
Small Business Loans
HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register. Comments on the proposal are due on or before October 18, 2019. ...more
8/19/2019
/ Affordable Housing ,
Burden-Shifting ,
Comment Period ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Federal Register ,
Housing Discrimination ,
Housing Market ,
HUD ,
Proposed Regulation ,
Race Discrimination ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models....more
A bipartisan group of U.S. Senators have introduced the “ISA Student Protection Act of 2019” that would create a legal framework for income share agreements (ISA) offered to students. ...more
8/7/2019
/ ECOA ,
EFTA ,
Electronic Fund Transfer Act ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Legislative Agendas ,
Military Lending Act ,
Proposed Legislation ,
Qualifying Income ,
SCRA ,
Student Loans ,
Students ,
Tuition
The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. While most of the report recycles information about which we have previously blogged, it does contain the...more
7/8/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Data Points ,
Debt Collection ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Information Reports ,
Mortgage Loan Originators ,
Mortgages ,
Student Loans
The U.S. Department of Justice announced last Thursday that it had reached an agreement with First Merchants Bank, an Indiana state-chartered bank, to settle the redlining lawsuit that the DOJ filed against the bank on June...more
6/19/2019
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
HELOC ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Settlement Agreements
Several civil rights groups have sent a letter to Director Kraninger questioning whether the CFPB is engaging in the oversight of the student loan market that they believe is necessary to “root out potentially discriminatory...more
The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. ...more
2/27/2019
/ Administrative Authority ,
Algorithms ,
Annual Reports ,
Artificial Intelligence ,
Automotive Industry ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Federal Trade Commission (FTC) ,
Military Service Members ,
Predictive Analytics ,
Regulation B
The CFPB has issued a new annual report covering its fair lending activities during 2017. Since Mick Mulvaney did not become Acting Director until the end of November 2017, the fair lending activities described in the report...more
12/13/2018
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
HMDA ,
Regulation C ,
Regulatory Agenda ,
Rulemaking Process ,
Small Business
In June 2018, HUD issued an advance notice of proposed rulemaking (ANPR) seeking comment on whether its 2013 Fair Housing Act disparate impact rule (Rule) should be revised in light of the U.S. Supreme Court’s 2015 Inclusive...more
10/30/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Affordable Housing ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Housing Discrimination ,
Housing Market ,
HUD ,
Race Discrimination ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
The U.S. Department of Justice announced earlier this week that it has reached an agreement with KleinBank, a state-chartered Minnesota bank, to settle the redlining lawsuit that the DOJ filed against the bank in January...more
5/10/2018
/ Community Reinvestment Act ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Mortgages ,
Race Discrimination ,
Redlining ,
Settlement Agreements
The Department of Justice’s Civil Rights Division has issued its annual report to Congress regarding its activities to enforce the ECOA, FHA and SCRA. The report covers 2016 activities that would have taken place under the...more
9/28/2017
/ Annual Reports ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Enforcement Statistics ,
Fair Housing Act (FHA) ,
Fair Lending ,
HUD ,
SCRA
The Department of Justice has filed an amicus brief in a case pending before the U.S. Court of Appeals for the Second Circuit that presents the question of whether the prohibition on employment discrimination on the basis of...more
8/3/2017
/ Amicus Briefs ,
Civil Rights Act ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Equal Employment Opportunity Commission (EEOC) ,
Fair Lending ,
Gender Identity ,
LGBTQ ,
Regulation B ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title VII
In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more
4/20/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Loans ,
Mortgages ,
Regulation B ,
Regulation C ,
Small Business ,
Student Loans
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more
1/5/2017
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Services Industry ,
Jurisdiction ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more
10/11/2016
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discretionary Functions ,
Discrimination ,
Disparate Treatment ,
ECOA ,
FDIC ,
Interest Rates ,
Loans ,
National Origin ,
National Origin Discrimination
New guidance issued by the U.S. Department of Housing and Urban Development (HUD) on Fair Housing Act (FHA) protections for persons with limited English proficiency (LEP) could have reverberations under the Equal Credit...more
While CFPB officials have suggested in public remarks that the Equal Credit Opportunity Act’s prohibition against discrimination on the basis of “sex” includes discrimination based on gender identity and sexual orientation, a...more
9/22/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
Gender Discrimination ,
Gender Identity ,
LGBTQ ,
Policies and Procedures ,
Richard Cordray ,
Sex Discrimination ,
Sexual Orientation Discrimination ,
Transgender
The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more
7/11/2016
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgages ,
Popular ,
Race Discrimination ,
Redlining
The Federal Trade Commission (FTC) recently held a FinTech forum addressing marketplace lending. The forum was promoted by the FTC as the first in a series it plans to hold exploring emerging financial technology and its...more
6/21/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Online Marketplace Lending ,
Popular
Americans for Financial Reform (AFR) has issued a brief in which it urges the CFPB and other federal agencies to adopt strong language access protections to improve the mortgage marketplace for limited English proficiency...more
An equally divided U.S. Supreme Court has affirmed the Eighth Circuit's decision in Hawkins v. Community Bank of Raymore, which upheld a federal district court ruling that the Equal Credit Opportunity Act (ECOA) does not...more
The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more
The Federal Trade Commission has announced plans to conduct a survey of consumers regarding their experiences in buying and financing automobiles at dealerships.
According to the supplementary information in the notice...more