The Department of Justice (DOJ) joined other federal agencies in announcing an increased focus on fair lending issues. On October 22, 2021, DOJ announced a new initiative to crack down on “modern-day” redlining. DOJ is...more
On September 1, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued its long-awaited small business lending data collection proposed rule (“Proposed Rule” or “Proposal”). The Proposed Rule would implement...more
9/9/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Covered Financial Institutions ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Federal Register ,
Financial Services Industry ,
Minority-Owned Businesses ,
NAICS ,
Small Business ,
Women-Owned Businesses
On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking that would establish when national banks or federal savings associations (collectively, banks) are the “true lender”...more
On July 7, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post on the use of artificial intelligence (AI), especially machine learning (ML), in credit underwriting. The blog post addresses...more
On June 25, 2020, following the OCC’s lead, the Federal Deposit Insurance Corporation’s (FDIC) board of directors voted 3-1 to finalize a rule that reaffirms the “valid when made” doctrine as applicable to loans originated by...more
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) finalized a rule that reaffirms the “valid when made” doctrine applicable to loans originated by a national bank. According to Acting Comptroller of the...more
On May 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued three guidance documents designed to aid financial institutions in assisting consumers in the context of the COVID-19 pandemic:
1.A statement...more
On March 26, 2020, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) announced that it is taking steps to temporarily assist financial institutions in meeting customer needs as a result of COVID-19. The CFPB...more
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the third phase of congressional economic relief in response to COVID-19. Among other things, the...more
3/30/2020
/ Affiliated-Business Arrangements ,
Business Interruption ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Loans ,
Financial Stimulus ,
NAICS ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business ,
Tax Relief
As Congress scrambles to pass a stimulus package to alleviate financial strain due to the COVID-19 pandemic, federal regulators and some states are directing financial institutions to provide immediate relief. So far,...more
On January 21, 2020, twenty-two State Attorneys General and the Hawaii Office of Consumer Protection submitted a comment letter to the Office of the Comptroller of the Currency (OCC) in opposition to its proposed rulemaking...more
On August 27, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) released its fourth biennial report on the consumer credit card market (2019 Report or Report). The Report summarizes the CFPB’s views on the...more
On August 20, 2019, the U.S. Department of Housing and Urban Development (HUD) published a notice of proposed rulemaking (“Proposed Rule”) seeking public comment on amendments to its regulation implementing the disparate...more
In this paper, we consider whether educational income share agreements (“ISAs”) are subject to federal and state equal access and anti-discrimination laws. When an ISA provider (“Provider”) sets the terms of an ISA, the...more
On July 11, Fannie Mae and Freddie Mac (the GSEs) announced their plans to develop new adjustable rate mortgage products that would rely on the Secured Overnight Financing Rate (SOFR) instead of LIBOR. Given the GSEs’...more
Policy makers are showing increasing concern in the fair lending implications of artificial intelligence (AI) in credit underwriting. The concerns surrounding AI echo views on credit scoring and automated underwriting systems...more
On June 27, 2019, the CFPB extended the deadline for public comments on its advance notice of proposed rulemaking (ANPR) relating to the Bureau’s 2015 Rule addressing the Home Mortgage Disclosure Act (HMDA). The ANPR, issued...more
On February 6, 2019, amidst strong opposition from representatives of consumer groups and some members of Congress, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to revise its controversial November...more
The Consumer Financial Protection Bureau (CFPB) has posted a new compliance tool on its website - answers to frequently asked questions (FAQs) about the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”). Apparently in...more
On January 31, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) published a Request for Information (2019 RFI) regarding the consumer credit card market. In accordance with Section 502(a) of the Credit Card...more
On January 16, 2019, the Consumer Financial Protection Bureau (CFPB) and the New York Attorney General announced a settlement with a retailer for alleged violations of the Consumer Financial Protection Act of 2010 (CFPA) and...more
Delaware Companies: Apply for your Sustainability Certificate starting October 1 -
As of October 1, 2018, Delaware entities can begin applying for the state’s new voluntary Certificate of Adoption of Transparency and...more
On March 7, 2018, the Federal Deposit Insurance Corporation (FDIC) entered into a consent order with The Bancorp Bank for allegedly making inaccurate disclosures concerning the amount of transaction fees assessed on certain...more
On March 1, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) released its sixth Request for Information (RFI) as part of its initiative to reexamine the Bureau’s existing policies and procedures under Acting...more
On October 18, the Consumer Financial Protection Bureau (CFPB or Bureau) released a set of guiding principles for participants in the financial data sharing and aggregation industry. The publication of the consumer protection...more