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Industry trade groups’ renewed challenge to HUD disparate impact rule could yield helpful precedent for ECOA cases

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

CFPB’s Office of Minority and Women Inclusion Publishes Annual Report

The CFPB’s Office of Minority and Women Inclusion (OMWI) published its third annual report to Congress highlighting its 2015 activities. Dodd-Frank requires the CFPB and other federal regulators to establish an office of...more

CFPB’s Office of Minority and Women Inclusion issues annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its third annual report to Congress covering the OMWI’s activities in 2015. The Dodd-Frank Act required the CFPB and various other federal agencies,...more

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and...

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more

Director Cordray to appear before Senate Banking Committee on April 7

Director Cordray is scheduled to appear before the Senate Banking Committee on April 7, 2016 for a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” (The CFPB’s most recent...more

CFPB Accused of Discriminating Against Its Own Employees

Some of the recent items on the Consumer Financial Protection Bureau’s (CFPB) agenda have involved efforts to eliminate alleged discriminatory disparities amongst auto lenders and in connection with other private companies as...more

CFPB Releases Supervisory Highlights, Winter 2016 Issue

On March 8, the CFPB released its tenth edition of Supervisory Highlights, summarizing supervisory observations in the areas of consumer reporting, debt collection, mortgage origination, remittances, student loan servicing,...more

CFPB Releases Supervisory Highlights, Winter 2016 Issue

On March 8, the CFPB released its tenth edition of Supervisory Highlights, summarizing supervisory observations in the areas of consumer reporting, debt collection, mortgage origination, remittances, student loan servicing,...more

Director Cordray appears before House Financial Services Committee

Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the...more

Disparate Impact Continues to be a Viable Discrimination Theory for the CFPB under the ECOA

On Wednesday, March 16, 2016, the House Financial Services Committee hosted the Consumer Financial Protection Bureau’s (“CFPB”) Director Richard Cordray for a hearing on “The Semi-Annual Report of the Bureau of Consumer...more

Looking Ahead: What the Auto Lending Industry Can Expect from the CFPB in 2016

The CFPB's critics are getting louder, arbitration clauses are spending some time on the chopping block and credit reporting continues to garner more and more attention. These are all things we can expect to focus on this...more

Recent CFPB Enforcement Actions Focus on Data Security and Discriminatory Lending

In the past two months, consent orders were reached in two high profile enforcement actions. In February 2016, a consent order came out between the Consumer Financial Protection Bureau (CFPB), Department of Justice (DOJ) and...more

Consumer Financial Regulation: Pennsylvania

A Q&A guide to consumer finance regulation in Pennsylvania. This Q&A addresses state-specific laws governing the offering and sale of consumer financial products and services, including credit cards, residential...more

CFPB Poised to Continue Focused Scrutiny of Indirect Auto Lenders

Earlier this month, the Consumer Financial Protection Bureau (CFPB) announced a joint enforcement action with the Department of Justice (DOJ) against Toyota Motor Credit Corporation (TMCC), an indirect auto lender, which,...more

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

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