The Biden transition has announced the members of its agency review teams....more
The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more
8/31/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
American Bankers Association ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Housing Market ,
HUD ,
Mortgage Bankers Association ,
Mortgages ,
Popular ,
Race Discrimination ,
Residential Real Estate Market ,
Texas Dept of Housing v Inclusive Communities
The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B.
The FTC has authority to enforce the ECOA and Reg B as to...more
2/14/2017
/ Automotive Industry ,
Banking Sector ,
Big Data ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Financing ,
HUD ,
Low-Income Issues ,
Regulation B
PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc. The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States...more
12/27/2016
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
HUD ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Solicitor General ,
Statutory Interpretation
In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well...more
11/4/2016
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EFTA ,
HUD ,
Mortgages ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation ,
Truth in Lending Act (TILA) ,
UDAAP
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
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
The CFPB recently announced that it had entered into a consent order with a land-development company and several individuals involved in the company’s operations to settle charges that the respondents violated the Interstate...more
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
The FY 2015 Commerce, Justice, Science Appropriations Act (H.R. 4660) passed by the House of Representatives includes an amendment (H. Amdt. 768) that prohibits the U.S. Department of Justice from using any of the funding...more
The U.S. Supreme Court could have its third opportunity since 2012 to provide clarity with respect to disparate impact claims under the Fair Housing Act and (by analogy) the Equal Credit Opportunity Act. After losing on...more
The CFPB has issued a notice announcing that it has made revisions to the following three mortgage-related consumer publications: “What You Should Know About Home Equity Lines of Credit,” “Consumer Handbook on...more
As expected, the Mount Holly town council voted last night to approve the settlement in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. Coming just three weeks before the U.S. Supreme Court oral argument...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
When we wrote about the lawsuit filed on June 26, 2013 against HUD by two insurance industry trade groups challenging HUD’s final rule formalizing its use of disparate impact liability under the Fair Housing Act (FHA), we...more
In April 2102, the CFPB issued a bulletin to confirm that it plans to apply a disparate impact test in exercising its supervisory and enforcement authority under the Equal Credit Opportunity Act (ECOA) and Regulation B. The...more