The CFPB has filed an amicus brief in Regions Bank v. Legal Outsource PA, a case on appeal to the Eleventh Circuit that involves two important issues under the Equal Credit Opportunity Act (ECOA): whether the ECOA provides a...more
10/12/2017
/ Amicus Briefs ,
Banking Sector ,
Cause of Action Accrual ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Officers ,
Discrimination ,
ECOA ,
Financial Institutions ,
Guarantors ,
Marital Status ,
Motion to Dismiss ,
Regulation B
A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more
3/17/2017
/ Algorithms ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
FinTech ,
Innovative Technology ,
Minority-Owned Businesses ,
Regulatory Oversight ,
Small Business
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
1/31/2017
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Family Businesses ,
FDIC ,
Financial Institutions ,
HMDA ,
Independent Community Bankers of America (ICBA) ,
Mortgage Lenders ,
Redlining ,
Small Business ,
Trump Administration
On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more
11/8/2016
/ Appeals ,
Banking Sector ,
Board of Education ,
Civil Rights Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discrimination ,
ECOA ,
Fair Lending ,
Gender Identity ,
LGBTQ ,
Regulation B ,
School Restrooms ,
SCOTUS ,
Sex Discrimination ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title IX ,
Title VII ,
Transgender
A report last month issued by the Government Accountability Office (GAO) found that a survey of nonexecutive CFPB employees revealed “heightened concerns related to fair treatment, trust that employees can raise concerns...more
The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more
7/11/2016
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The CFPB has issued a report covering its fair lending activities during 2015. The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108...more
5/3/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
HUD ,
Memorandum of Understanding ,
Mortgage Lenders ,
Mortgages ,
Reporting Requirements
The D.C. district court recently granted two industry trade associations whose members sell homeowners insurance leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
9/28/2015
/ Banking Sector ,
Banks ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CRA ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Investigations ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining ,
Statistical Analysis
The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more
8/11/2015
/ Affordable Housing ,
American Bankers Association ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Institutions ,
HUD ,
Interagency Agreement ,
OCC ,
Pattern or Practice ,
Real Estate Market ,
Residential Real Estate Market ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more
In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more
The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more
As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more
On July 30, 2014, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing titled “Allegations of Discrimination and Retaliation and the CFPB Management Culture.” Director...more
While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more
6/20/2014
/ Automotive Industry ,
Automotive Loans ,
Banks ,
Choke Point ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Defense (DOD) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fannie Mae ,
FDIC ,
Financial Services Committee ,
Freddie Mac ,
Information Reports ,
Lenders ,
Military Lending Act ,
Mortgages ,
Qualified Mortgage Rule
We have been following the lawsuit in federal district court in D.C. in which two insurance industry trade associations have challenged the HUD disparate impact rule. The complaint in the D.C. action, which was commenced in...more
According to a Politico report, the House Financial Services Committee’s Subcommittee on Oversight and Investigations voted yesterday to issue three subpoenas in connection with the Subcommittee’s investigation into alleged...more
At yesterday’s hearing on alleged CFPB employee discrimination conducted by the House Financial Services Committee’s Subcommittee on Oversight and Investigations, a CFPB employee is reported to have testified that the agency...more
According to a Politico report, a CFPB spokesman has said that the two invited CFPB representatives will not be participating in the hearing scheduled for this Wednesday, April 2 by the House Financial Services Committee’s...more
Although settlement discussions are continuing, the respondents in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc., filed their merits brief with the U.S. Supreme Court on October 21. (The Township’s...more
Despite the pending settlement discussions, the Township of Mount Holly has filed its opening brief in the U.S. Supreme Court. The question presented in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. is...more
In This Issue:
- Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit
- Industry Employers Should Prepare Now for Health Care Reform
- Title...more
2/6/2013
/ Affordable Care Act ,
Agents ,
Canning v NLRB ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Employer Group Health Plans ,
Equal Access to Credit ,
FFIEC ,
Healthcare ,
Insurance Agents ,
Negligence ,
NLRB ,
Pay or Play ,
Race Discrimination ,
Recess Appointments ,
Richard Cordray ,
Social Media ,
Title Examination ,
Title Insurance ,
Underwriting