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 CFPB and Department of Justice (the “Agencies”) announced recently that they have entered into a settlement with Toyota Motor Credit Corporation (TMCC) to resolve charges that TMCC engaged in unlawful discrimination in...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
Republican members of the House Financial Services Committee recently released a report, prepared by the Republican Staff of the Committee, which chronicles in detail the controversial automotive ECOA enforcement initiative...more
The U.S. Department of the Treasury has extended the deadline for submitting comments in response to its request for information (RFI) regarding online marketplace lending. Initially set to close on August 31, 2015, the...more
To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more
7/17/2015
/ Automotive Industry ,
Automotive Loans ,
Borrowers ,
Compensation Agreements ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Honda ,
Interest Rates ,
Lenders ,
Race Discrimination ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
A sharply divided U.S. Supreme Court announced its decision in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., on June 25, 2015, holding that disparate impact claims are...more
The U.S. Supreme Court ruled this morning that disparate impact claims are cognizable under the Fair Housing Act. Justice Kennedy wrote the majority opinion in Texas Department of Housing and Community Affairs v. The...more
The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Relatedly, it adopted simultaneously a...more
Yesterday, the House of Representatives approved an amendment to H.R. 2578, the Fiscal Year 2016 Commerce, Justice, and Science Appropriations Act, that would bar the use of appropriated funds by the Department of Justice to...more
The Federal Trade Commission—and numerous other federal, state, and local law enforcement agencies in the United States and Canada—recently announced that an enforcement initiative dubbed “Operation Ruse Control” has resulted...more
The U.S. Department of Justice (DOJ) and the North Carolina Department of Justice recently requested court approval of a consent decree arising out of alleged racial discrimination by two North Carolina car dealerships in...more
The U.S. Supreme Court recently heard oral argument in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc.—the case presenting the issue of whether disparate impact claims are...more
The U.S. Supreme Court is scheduled to hear oral argument tomorrow, January 21st, in Texas Department of Housing and Community Affairs v. The Inclusive Communities Project, Inc., the case presenting the issue whether...more
Recently, following the U.S. Supreme Court's grant of certiorari, more than a dozen organizations, groups, and associations filed separate amicus curiae briefs in support of the notion that the Fair Housing Act (FHA) does not...more
The Federal Trade Commission (FTC) recently announced that it is seeking supplemental public comments on proposed changes to its Used Motor Vehicle Trade Regulation Rule (Used Car Rule) and the Used Car Buyers Guide (Buyers...more
A study of indirect auto financing commissioned by the American Financial Services Association found that the CFPB’s proxy methodology for measuring disparities in auto dealer reserve is “conceptually flawed in its...more
In a Fair Housing Act (FHA) case we have been watching for some time, the federal district court in Washington, D.C., recently issued an opinion vacating the U.S. Department of Housing and Urban Development’s (HUD’s)...more
A federal district court in Washington, D.C. dealt a heavy blow on Monday to HUD’s position that disparate impact claims are cognizable under the Fair Housing Act (FHA). In American Insurance Association v. U.S. Department of...more
Yesterday, the U.S. Supreme Court agreed for the third time in recent history to decide whether disparate impact claims are cognizable under the Fair Housing Act (FHA). The Supreme Court granted the Texas Department of...more
Could the third time be the charm? Today, the U.S. Supreme Court granted the petition for certiorari filed in May 2014 by the Texas Department of Housing and Community Affairs (Texas DHCA) in Texas Department of Housing and...more
Along with its proposed larger participant rule for the auto financing market, the Consumer Financial Protection Bureau issued a special edition of Supervisory Highlights (the "report") describing its fair credit supervisory...more
The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Comments on the proposal will be due 60 days after the...more
Significant changes to Pennsylvania law governing retail installment sales will take effect before the end of this year as a result of Act No. 2013-98 (Act 98). The Act 98 changes to the state’s Motor Vehicle Sales Finance...more
The CFPB has announced that it will be holding a field hearing on auto finance on September 18 in Indianapolis. The announcement indicates that the hearing will feature remarks from Director Richard Cordray, as well as...more