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Consumer Financial Products Financial Regulatory Reform Discriminatory Lending Practices

Ballard Spahr LLP

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

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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

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - July 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

New Florida Law Prohibits Banks from Considering Customers’ Political, Religious Beliefs

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A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Guidance on Credit Denials by Lenders Using Artificial Intelligence

On September 20th, the Consumer Financial Protection Bureau (“CFPB”) published guidance – Consumer Financial Protection Circular, 2023-03 – regarding the list of reasons that must be provided when an applicant is denied...more

Cadwalader, Wickersham & Taft LLP

CFPB: Consumers Who Have Already Received Credit Are Protected by Fair Lending Laws

The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on May 9, confirming that for purposes of the Equal Credit Opportunity Act (“ECOA”) and its implementing regulation, Regulation B, the intended...more

Manatt, Phelps & Phillips, LLP

CFPB Pushes Equity Envelope via Updated UDAAP Examination Manual

While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more

Manatt, Phelps & Phillips, LLP

DOJ, OCC Announce Major Settlement of Fair Lending Allegations

In the largest fair lending enforcement action in several years, the Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) on August 30 announced simultaneous settlements with a national banking...more

Manatt, Phelps & Phillips, LLP

Fair Lending: HUD to Reinstate Lower Bar for Proving Disparate Impact

On June 25, the Department of Housing and Urban Development (HUD) published in the Federal Register a proposal to rescind its own 2020 disparate impact rule (2020 Rule). In its place, HUD is proposing to recodify and restore...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

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The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

Ballard Spahr LLP

CFPB to hold Nov. 6 symposium on Dodd-Frank Section 1071

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The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019.  Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more

Ballard Spahr LLP

Will the NYDFS pick up the baton on disparate impact auto dealer pricing?

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If you’ve followed the status of the CFPB’s enforcement actions under the Equal Credit Opportunity Act related to auto dealer finance charge participation, you probably would have concluded that those cases are unlikely to...more

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