News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consumer Financial Products Anti-Discrimination Policies

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

Venable LLP

Federal Regulators Continue their Focus on Fair Lending and Appraisal Bias

Venable LLP on

As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more

Husch Blackwell LLP

Mark Your Calendars: Key 2024 Compliance Dates for Consumer and Small Business Financial Services Regulations

Husch Blackwell LLP on

One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more

Hudson Cook, LLP

CFPB Bites of the Month - October 2023 - Bewitching the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the October 2023 webinar. Bite 10: New Report on NSF Fees at Banks and Credit Unions On October 11, 2023, the CFPB issued a data...more

Jones Day

Federal Court Rejects CFPB's Novel Use of "Unfair, Deceptive, or Abusive Acts or Practices" Authority

Jones Day on

Ruling concludes "unfairness" authority under the Dodd-Frank Act does not cover discrimination. On September 8, 2023, a federal district court rejected the Consumer Financial Protection Bureau's ("CFPB") interpretation...more

Eversheds Sutherland (US) LLP

Focus on Fintech: CFPB plans to use its UDAAP authority to expand its anti-discrimination efforts to non-credit financial products...

The CFPB recently updated  its examination manual to, in Director Chopra’s words, “combat discriminatory practices across the board in consumer finance.” Under the CFPB’s revised manual, any discriminatory conduct that the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

BCLP

CFPB Redefines Discrimination in Financial Services with Updates to UDAAP Examination Manual

BCLP on

The Consumer Financial Protection Bureau (CFPB) materially altered the consumer protection landscape in the financial services industry through a series of revisions to its examination manual for unfair, deceptive and abusive...more

Buchalter

CFPB Expands the Consumer Financial Products It Will Examine for Potential Discrimination Issues; Intends to Include All Financial...

Buchalter on

On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to...more

WilmerHale

CFPB Announces Expansion of Unfairness Analysis to Address Discrimination

WilmerHale on

On March 16, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) announced a significant expansion of its “anti-discrimination efforts to combat discriminatory practices across the board in consumer finance.” Under...more

Perkins Coie

CFPB Announces Expanded Anti-Discrimination Efforts Through UDAAP

Perkins Coie on

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra warned consumer finance companies that he will be expanding the bureau’s anti-discrimination efforts “to combat discriminatory practices across the board in...more

Saul Ewing LLP

CFPB's Use of its UDAAP Authority to Address Illegal Discrimination

Saul Ewing LLP on

CFPB's intended use of its UDAAP authority to investigate, and regulate and enforce against illegal "discrimination" in financial products and services breaks open the proverbial damn, with such authority washing over every...more

WilmerHale

Expectations For CFPB's Fair Lending Agenda Under Biden

WilmerHale on

It is clear just a few weeks into the Biden administration that fair lending and racial equity will return as a central focus of regulators under President Joe Biden. Biden issued a memorandum his first week in office...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 16, 2021)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

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