Finance & Banking, Commercial Law & Contracts, Civil Rights

CFPB Issues Subpoenas to Motor Vehicle Lenders: Discretion = Discrimination?

by David Dresher, Elena Lovoy | Bradley Arant Boult Cummings LLP on 5/10/2013

The Consumer Financial Protection Bureau (CFBP) has taken another step in its attempts to ensure “fair” pricing in indirect motor vehicle financing transactions. This latest development highlights the CFPB’s focus on the...more

New Risks for Indirect Lenders

by Michael Lueder | Foley & Lardner LLP on 4/23/2013

Last month the Consumer Financial Protection Bureau announced that it will start holding banks accountable for the discriminatory actions of indirect auto lenders. The issue arises when a consumer goes to purchase a car and...more

American Bankers Association Real Estate Lending Conference - Qualified Mortgages: A Sea Change For Mortgage Lenders

by Robert H. Ledig, Thomas P. Vartanian | Dechert LLP on 4/16/2013

In This Presentation: - The Qualified Mortgage (QM) Rule - Small Creditor QM Proposal - The Ability-to-Repay (ATR) Rule: What It Says and What It Means - Liability for Failure to Comply with the ATR and QM...more

CFPB Updates Status Of Standard For Assessing Diversity At Supervised Institutions

by BuckleySandler LLP on 4/15/2013

On March 29, the CFPB’s Office of Minority and Women Inclusion (OWMI) published its annual report about the CFPB’s diversity and inclusion efforts from January 1, 2012 until December 31, 2012. The Dodd-Frank Act created the...more

Housing Counselor Survey Alleges Banks Fail To Comply With National Mortgage Settlement.

by BuckleySandler LLP on 4/8/2013

On April 3, a California borrower advocacy organization published the results of its survey of housing counselors, which the organization claims reveals that problems persist with the implementation of the national servicing...more

Auto finance: can we really call disparate impact “discrimination”?

by Christopher J. Willis | Ballard Spahr LLP on 4/1/2013

I want to thank Jeff Sovern over at the Public Citizen Consumer Law & Policy Blog for having an interesting back-and-forth with me over the last week about the application of the disparate impact theory of liability to dealer...more

Insights Into The Financial Fraud Enforcement Task Force Priorities For 2013

by BuckleySandler LLP on 4/1/2013

On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more

New Study Claims Mortgage Lenders Discriminate Against Women

by BuckleySandler LLP on 3/22/2013

On March 12, the Chicago-based Woodstock Institute released research claiming that mortgage lenders discriminate against female applicants. The research is presented in a “fact sheet” and previews a longer report the group...more

Texas Bank Settles Hispanic Discrimination Suit

by Michele Bowman | Lawyers.com on 2/27/2013

The Department of Justice on Feb. 19 announced that Texas Champion Bank has agreed to pay $700,000 to settle allegations that it discriminated against Hispanics who applied for loans with the bank....more

The CFPB Stretches ECOA Past the Breaking Point with Auto Finance

by Christopher J. Willis | Ballard Spahr LLP on 2/22/2013

In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more

Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit

by Richard J. Andreano, Jr., John L. Culhane, Jr., Stefanie Jackman, Alan S. Kaplinsky, Christopher J. Willis | Ballard Spahr LLP on 1/28/2013

The U.S. Department of Justice (DOJ) has reached a settlement with Community Bank of St. Charles, Michigan, in a federal lending discrimination lawsuit filed by DOJ against the bank....more

HUD Obtains First Settlement Under Rule Requiring Sexual Orientation And Gender Identity Equal Access

by BuckleySandler LLP on 1/14/2013

On January 2, HUD announced that a lender agreed to settle a claim that it refused to provide FHA financing to a lesbian couple. HUD noted that the agreement is the first enforcement action taken under a rule finalized in...more

CFPB Ombudsman's Office Publishes First Annual Report

by JD Supra Law News on 11/15/2012

Full text copy of the Consumer Financial Protection Bureau Ombudsman's Office first annual report. From the report: "The CFPB Ombudsman advocates for a fair process as between consumers, the providers of consumer financial...more

DOJ Fair Lending Focus Continues in Settlement of Case Challenging Lender's Minimum Loan Amount Policy

by Ballard Spahr LLP on 9/20/2012

The Department of Justice's recent announcement that it had settled its case against Luther Burbank Savings challenging Luther's minimum loan amount policy demonstrates the DOJ's continued focus on fair lending. The...more

DOJ Settles 'Pattern or Practice' Fair Lending Case

by Ballard Spahr LLP on 8/30/2012

The Department of Justice's "pattern or practice" fair lending lawsuit against GFI Mortgage Bankers, Inc., has resulted in a settlement that requires GFI to pay a total of $3.555 million, consisting of $3.5 million in...more

New Disclosure Requirements Imposed in Connection with Iran Sanctions

by Katten Muchin Rosenman LLP on 8/21/2012

On August 10, President Obama signed into law the Iran Threat Reduction and Syria Human Rights Act of 2012 (the Act), which expands and establishes additional sanctions with respect to Iran, including sanctions relating to...more

Fannie Mae Issues Multiple Servicing Announcements

by BuckleySandler LLP on 8/13/2012

On August 8, Fannie Mae issued three servicing announcements. The first, Announcement SVC-2012-13, reminds servicers that under the Housing and Economic Recovery Act, Fannie Mae must promote diversity through (i) the...more

Ninth Circuit Reverses Dismissal of Pricing Discrimination Suit Against Auto Dealers

by BuckleySandler LLP on 7/25/2012

On July 13, the U.S. Court of Appeals for the Ninth Circuit reversed a district court’s dismissal of a Department of Justice suit alleging that two automobile dealers violated the Equal Credit Opportunity Act by charging...more

DOJ Finalizes Settlement Over Bank’s Mortgage Lending Practices

by BuckleySandler LLP on 7/16/2012

On July 12, the DOJ announced a settlement with a national bank to resolve allegations that the bank engaged in a pattern or practice of discrimination against qualified African-American and Hispanic borrowers in its mortgage...more

Superior Court of New Jersey Slashes Attorneys' Fees in Class Action Settlement

by Duane Morris LLP on 6/21/2012

In Storch v. Five Guys Enterprises, LLC and FG Madison, LLC, the New Jersey Superior Court found that counsel fees of $50,000 plus approximately $500 in costs were fair and reasonable under the applicable standards as applied...more

Impacts of Criminal Procedural Law Amendments on Investigations of Bribery Cases

by McDermott Will & Emery on 5/15/2012

In a recent landmark decision, China’s national legislature, the National People’s Congress, increased the protection of suspects’ legal rights and reinforced its efforts to punish bribery and other crimes. The decision will...more

CFPB Puts Consumer Lenders on Notice Regarding Discriminatory Practices

by BuckleySandler LLP on 4/19/2012

he CFPB today put consumer lenders on notice that it “will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate against consumers.” The CFPB intends to employ disparate...more

United States Eases Sanctions on Financing for Development Organizations in Burma

by Foley Hoag LLP - Corporate Social... on 4/18/2012

On April 17, the U.S. Treasury issued new General License No. 14-C, which relaxes sanctions on financial services with respect to certain humanitarian and not-for-profit activities in Burma. This License allows...more

K&L Gates Files Federal Pro Bono Action to Challenge Foreclosure Rescue Scheme

by K&L Gates LLP on 3/8/2012

On March 6, 2012, K&L Gates LLP filed a federal lawsuit challenging an allegedly discriminatory and otherwise unlawful foreclosure rescue scam targeted to Hispanic homeowners in Northern Virginia. The National and Washington...more

Financial Services L&E Advisory: 12 Issues to Watch in 2012

by Epstein Becker & Green, P.C. on 2/17/2012

For employers in the financial services industry, 2012 is already shaping up to be a mixed bag. While showing some signs of life, the economy continues to be a primary driver of employment law issues as it struggles to...more

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Finance & Banking › Commercial Law & Contracts › Civil Rights