Civil Rights Consumer Protection Finance & Banking

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Top 5 Legal Considerations for FinTech Advertising

The growth and expansion of FinTech service providers nationally and internationally over the last five years is reshaping the financial landscape. This evolution includes differentiation in how financial products are...more

CFPB Issues Guidance, and a Warning, to Institutions Reporting to Specialty CRAs

On February 3, 2016, in conjunction with a Field Hearing held the same day concerning deposit accounts, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the duties of furnishers of information...more

Fair Lending Year in Review – 2015

2015 was an action-packed year for fair lending, including a long-anticipated Supreme Court decision on disparate-impact claims under the Fair Housing Act (“FHA”), record-breaking redlining settlements, a new round of...more

CFPB and DOJ Enter Fourth Enforcement Order Against Indirect Auto Lender Based On Discriminatory Loan Pricing Policies

On February 2, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) announced entry of a consent order against Toyota Motor Credit (TMC), the U.S. financing arm of Toyota Motors' subsidiary Toyota...more

Another auto finance company agrees to change dealer compensation policy to settle ECOA claims alleged by CFPB and DOJ

The CFPB and Department of Justice (the “Agencies”) announced recently that they have entered into a settlement with Toyota Motor Credit Corporation (TMCC) to resolve charges that TMCC engaged in unlawful discrimination in...more

Businesses Take Note: The FTC Assesses Big Data Practices

Businesses engaged in big data practices should be mindful of a new report issued by the Federal Trade Commission (FTC), in which the FTC serves notice of its intention to monitor areas where big data practices can violate...more

CFPB provides insight on treatment of big data

This will follow up on Barbara Mishkin’s January 14, 2016 blog “FTC warns use of big data may violate federal consumer protection laws.” At the American Bar Association’s Consumer Financial Services Committee meeting last...more

CFPB and DOJ Continue Aggressive and Controversial Enforcement Efforts Against Indirect Auto Lenders with Enforcement Action...

On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit)...more

DOJ Settles Action Alleging Bank Discriminated Against Disability Income Recipients

The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more

Less Than Half of 2014 Virginia Consumer Protection Cases Receive Class Treatment: A Review of Virginia Consumer Class Action...

In 2014, twenty (20) cases were filed in Virginia seeking to redress alleged violations of various consumer protection statutes on a class-wide basis. Most of these cases were concluded in 2015 without the certification of a...more

House of Representatives Issues Part II of Report Criticizing CFPB’s Auto Lending Enforcement Efforts

On January 20, 2016, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed...more

The Consumer Financial Protection Bureau’s New Rule for Compliance with the Home Mortgage Disclosure Act

This past October 15th, the Consumer Financial Protection Bureau announced the purported finalization of its “new rule” for “updating the reporting requirements” under the Home Mortgage Disclosure Act HMDA.” The point of the...more

The Regulatory Landscape for Indirect Auto Lenders After Ally

In December 2013, the Consumer Financial Protection Bureau (CFPB) announced its first settlement in the indirect auto lending industry. The target company was Ally Financial Inc. and Ally Bank (Ally). The CFPB alleged that...more

Human Rights Watch issues report on debt buyers

A new report by Human Rights Watch (HRW) titled “Rubber Stamp Justice—US Courts, Debt Buying Corporations, and the Poor” is likely to find readers at the CFPB, which is expected to move closer early this year to...more

House Republicans Level Another Blow at CFPB’s Auto-Lending Policies

Scrutiny of the CFPB’s auto-lending supervision and enforcement practices was renewed last week when Republicans on the U.S. House of Representatives Committee on Financial Services issued another scathing report criticizing...more

Use of Big Data May Violate Federal Consumer Protection Laws, FTC Report Warns

A new Federal Trade Commission (FTC) report, "Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues," warns that certain uses of big data consisting of consumer information may implicate various federal...more

How the Current Regulatory and Legal Landscapes Can Lead to Fair Lending Violations

The CFPB's website states, "Other regulators focus on the safety and soundness of the financial institutions first. The CFPB is the first to focus primarily on the American consumer." The CFPB's actions, however, may have the...more

FTC Report: With Big Data Can Come Big Responsibility

The Federal Trade Commission (“FTC”) issued a report this month entitled, “Big Data: A Tool for Inclusion or Exclusion.”1 The theme of the report is that there are benefits and risks associated with companies’ use of big...more

"Limited English Proficiency: An Emerging Compliance Risk"

How consumer financial services providers can meet the needs of a growing population of "limited English proficiency" (LEP) consumers without running afoul of laws prohibiting deceptive practices and discrimination has...more

Redlining Cases In 2015 And A New Discrimination Standard

Limited access to mortgage credit for credit-impaired and low- and moderate-income (and, therefore, disproportionately minority) borrowers has become a significant public policy challenge in the post-financial crisis era....more

Cybersecurity & Other Risks: OCC Outlines Key Examination Areas for 2016

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (the “OCC Report”). According to the Comptroller: “Strategic,...more

House Report Targets CFPB Indirect Auto Lending Policies

On November 24, 2015, Republicans on the House Financial Services Committee released a report sharply criticizing the CFPB’s methodology for enforcing the Equal Credit Opportunity Act (ECOA) with regard to indirect automobile...more

CFPB Supervisory Highlights 2012-2015

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

CFPB Bulletins 2011-2015

As an early “holiday gift,” to help you more easily search for a particular piece of guidance from the CFPB, we’ve put together two CFPB guidance documents for your review. The first is a compilation of all nine issues of the...more

Big Data, Big Government – Big Trouble? A Hard Look at the Final HMDA Rule

If all goes according to plan, financial institutions will report over 250 million data points related to mortgage loan applications and originations in 2018. If the mortgage market returns to the high volumes seen in 2005,...more

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