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Federal Deposit Insurance Corporation › Equal Credit Opportunity Act

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain... more +
The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.  less -
Ballard Spahr LLP

CFPB Issues 2023 Annual Fair Lending Report

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On June 26, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its annual Fair Lending Report (the “Report”) for the calendar year 2023. The reporting period ran through December 31, 2023, so any...more

Cadwalader, Wickersham & Taft LLP

February 2024 Regulatory Round-Up

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As February already begins to wind down and all of us are wondering what we might have missed so far this year, here is a round-up of additional regulatory activities in financial services...more

Husch Blackwell LLP

House Committee Forms AI Working Group as Regulators Emphasize Existing Authority to Regulate AI

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Here’s what you need to know: 1. The House Financial Services Committee formed a 12-member working group on Artificial Intelligence (AI). The group is tasked with exploring AI’s comprehensive impact on financial services so...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 17, 2023)

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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

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2023

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The CFPB has published guidance about compliance with Regulation B, which implements the Equal Credit Opportunity Act (ECOA), when lenders deliver denial notices based on underwriting decisions using artificial intelligence...more

Ballard Spahr LLP

DOJ settles another redlining case

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The Department of Justice (DOJ) announced that it has entered into a settlement with American Bank of Oklahoma (ABOK) to resolve allegations that ABOK engaged in unlawful redlining in Tulsa, Oklahoma.  The DOJ opened its...more

Troutman Pepper

DOJ Reaches $1.15 Million Redlining Settlement With American Bank of Oklahoma

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On August 28, the U.S. Department of Justice (DOJ) announced its eighth redlining settlement under its Combatting Redlining Initiative. The settlement between the DOJ and the American Bank of Oklahoma, which originated from a...more

Goodwin

DOJ Reaches Settlement Over Bank’s Alleged Redlining

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On May 31, 2023, the United States Department of Justice (DOJ), announced that it had entered into a settlement with a Philadelphia based bank and trust company over allegations that the bank had engaged in unlawful redlining...more

Troutman Pepper

CFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas – The Consumer Finance Podcast

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Please join Troutman Pepper Partner Chris Willis and his colleagues Mark Furletti, Joe Reilly, and Christine Emello for the last installment of a special three-part series about the Consumer Financial Protection Bureau’s...more

Goodwin

Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB

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Regulatory Developments - Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB - On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more

Goodwin

Overdraft Protection Programs: Risk Management Practices

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Regulatory Developments - Overdraft Protection Programs: Risk Management Practices - On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more

Orrick, Herrington & Sutcliffe LLP

Agencies reiterate illegality of appraisal discrimination

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On February 14, CFPB Fair Lending Director Patrice Ficklin joined senior leaders from the FDIC, HUD, NCUA, Federal Reserve Board, DOJ, OCC, and FHFA in submitting a joint letter to The Appraisal Foundation (TAF) urging the...more

Pillsbury Winthrop Shaw Pittman LLP

New York Department of Financial Services Rule Will Require Banks to Collect Demographic Data with Commercial Credit Applications

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Lenders will soon be required to collect detailed demographic and financial data on commercial credit applicants and report this data to regulators. The NYDFS issued a proposed rule that will require New York banks to...more

Alston & Bird

Is the DOJ (De Facto) Enforcing the Community Reinvestment Act?

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A&B Abstract: Furthering the Justice Department’s Combating Redlining Initiative, the Department of Justice has announced another redlining settlement.  But this settlement is different – this one involves a bank that has...more

Hudson Cook, LLP

CFPB Bites of the Month - May Top 10

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Bite #10 - The CFPB provided Spanish-language disclosures. To help financial institutions better support Spanish-speaking communities, the CFPB unveiled Spanish translations of the following federal model disclosures:...more

K&L Gates LLP

Emerging Fair Lending Risk: Student Lending

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In line with policy directives from the Biden administration, federal regulators have made it clear that fair and responsible lending is an enforcement priority—and that the directive extends to lenders making student loans...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2021

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Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees - The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more

Perkins Coie

Fintech Week in Review - June 2021 #2

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A buy-now pay-later company faces a potential class action alleging it hid the risk of overdraft and NSF fees from its users. Leaders of the CFPB’s Fair Lending Office published an article encouraging the use of special...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

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Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Bradley Arant Boult Cummings LLP

OCC Releases Final True Lender Rule

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On October 27, 2020, the OCC released its final True Lender Rule. As discussed earlier on this blog, the OCC’s rule is designed to clarify the “true lender” doctrine, a legal test utilized by courts and regulators to...more

Morrison & Foerster LLP

Financial Services Report – Fall 2020

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We join the nation in mourning the passing of Supreme Court Justice Ruth Bader Ginsburg. Over her 20-year career before appointment to the D.C. circuit court, Justice Ginsburg fought for equal rights in the workplace, among...more

Ballard Spahr LLP

Financial Institution Regulators Address Financial Inclusion, Expansion of Access to Credit, and Further Consumer Protection from...

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Since early June 2020 when cries for racial justice resulted in a period of social unrest in the U.S., federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial...more

Goodwin

Financial Services Weekly Roundup: SBA Provides Guidance On Borrower’s Good Faith Certification

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In This Issue. The Small Business Administration (SBA) provided guidance on a borrower’s good faith certification on the necessity of Paycheck Protection Program (PPP) loan requests, announcing a safe harbor regarding this...more

MoFo Reenforcement

Financial Services Report – Winter 2017

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EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Ballard Spahr LLP

Community banks trade group asks Trump Administration to curb fair lending enforcement

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The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

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