News & Analysis as of October 15, 2024

Department of Justice (DOJ)

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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 -

CFPB Issues 2023 Annual Fair Lending Report

Ballard Spahr LLP on 7/11/2024

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

New DOJ Redlining Settlement Continues Enforcement Trend

Bradley Arant Boult Cummings LLP on 6/9/2023

In a continuation of enforcement activity related to redlining under October 2021’s Combatting Redlining Initiative, the U.S. Department of Justice (DOJ) announced on May 31, 2023, that ESSA Bank & Trust has agreed to pay $3...more

FDIC issues 2023 Consumer Compliance Supervisory Highlights

Orrick, Herrington & Sutcliffe LLP on 4/10/2023

On April 5, the FDIC released the March 2023 edition of the Consumer Compliance Supervisory Highlights, which is intended to “enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide...more

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

Ballard Spahr LLP on 1/31/2017

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

DOJ Drives ECOA Settlement With Bank Over Vehicle-Secured Loans

Manatt, Phelps & Phillips, LLP on 10/31/2016

Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more

Financial Services Report, Spring 2016

Morrison & Foerster LLP on 3/9/2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

CFPB Releases its Third Fair Lending Report to Congress

Carlton Fields on 5/11/2015

On April 28, 2015, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), established in 2010 by The Dodd-Frank Wall Street Reform and Consumer Protection Act, issued its third Fair Lending Report (the “Report”)...more

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