Finance & Banking General Business Civil Rights

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more

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

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

Sarbanes-Oxley Whistleblower Protections Cover Employees of a Public Company’s Private Contractors

On March 4, 2014, the United States Supreme Court, in a 6-3 decision, expanded the protections offered to whistleblowers under anti-fraud laws, in Lawson v. FMR LLC. In its decision, the Court ruled that a specific...more

The U.S. Supreme Court Extends Sarbanes-Oxley Whistleblower Protections to Employees of Mutual Fund Investment Advisers and Other...

The Supreme Court of the United States on March 4, 2014 held that employees of a privately-held mutual fund investment adviser are protected under a whistleblower provision enacted as part of the Sarbanes-Oxley Act of 2002...more

Supreme Court Widens Sarbanes-Oxley Whistleblower Net

On March 4, 2014, the U.S. Supreme Court significantly expanded the Sarbanes-Oxley anti-retaliation law to cover employees of private contractors who perform services for publicly-traded companies. Passed in 2002 in the wake...more

Corporate and Financial Weekly Digest - Volume IX, Issue 12

In this issue: - Delaware Supreme Court Upholds Chancery Court Ruling that Applied Business Judgment Rule to Going Private Transaction with Controlling Stockholder - Amendments to Uniform Branch Office...more

Ally Auto Lending Discrimination Settlement: What it Means for Indirect Auto and Other Lenders

The historic $98 million auto lending discrimination settlement between Ally Financial and Ally Bank (collectively, “Ally”), and the United States Department of Justice (“DOJ”) and Consumer Financial Protection Bureau...more

Temporary Iran Sanctions Relief

Relief is very limited and alleviates threat of sanctions regarding transactions by non-U.S. or foreign persons. On January 30, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) published...more

NADA Proposes Fair Credit Compliance Policy And Program For Its Member Dealers

On January 24, the National Automobile Dealers Association (NADA) distributed a proposed compliance program to its members aimed at reducing the risk of discrimination allegations stemming from CFPB Bulletin 2013-02, which...more

Report Criticizes Auto Dealer Compensation, Add-On Product Practices

On January 23, the Center for Responsible Lending (CRL) released a report titled “Non-Negotiable: Negotiation Doesn’t Help African-Americans and Latinos on Dealer-Financed Car Loans.” The report provides the results of CRL’s...more

Highway To The Danger Zone: Automotive Lending And The Servicemembers Civil Relief Act

This past March, Carl Nuss — a 75-year-old used car dealer from Birmingham, Alabama — received a letter from one of his customers, requesting that Mr. Nuss reduce the customer’s interest rate to six percent since the customer...more

Justice Department, U.S. Attorney, N.C. Attorney General Sue over Reverse Redlining by Auto Dealers

The U.S. Department of Justice (DOJ), the U.S. Attorney’s Office, and the North Carolina Attorney General filed a complaint last week against two corporations that own two “buy here, pay here” used car dealerships, as well as...more

CFPB, DOJ Announce First Joint Fair Lending Action Against Indirect Auto Finance Company

This morning, the CFPB and the DOJ announced their first ever joint fair lending enforcement action to resolve allegations that an auto finance company’s dealer compensation policy, which allowed for auto dealer discretion in...more

A future without dealer participation and what it should look like, according to the CFPB

At the CFPB’s auto finance forum on November 14, Director Cordray and other CFPB officials reiterated their distaste for dealer finance charge participation as a method of dealer compensation in the indirect auto finance...more

HUD Settlement Resolves Fair Housing Act Allegations

On November 5, HUD released a Conciliation Agreement with a lender alleged to have discriminated against African-American and Hispanic borrowers seeking mortgage loans. In an administrative complaint filed following a review...more

Special Alert: Settlement In Key Fair Housing Case Moves Forward, Supreme Court Unlikely To Hear Appeal

Last night, the Mount Holly, New Jersey Township Council voted to approve a settlement agreement that will resolve the underlying claims at issue in a closely watched Fair Housing Act (FHA) appeal pending before the U.S....more

Fourth Circuit Holds Borrower Waived Rights Under ECOA

The United States Court of Appeals for the Fourth Circuit affirmed dismissal of a claim under the Equal Credit Opportunity Act brought by plaintiff, a woman whose husband took out a commercial loan, alleging that the lender...more

DOJ Settles Fair Lending Cases against Mortgage Lenders

The U.S. Department of Justice (DOJ) recently settled fair lending lawsuits against two mortgage lenders. Both actions involved DOJ attempts to use disparate impact evidence to establish that a lender engaged in a “pattern or...more

Mount Holly settlement update

Last night, the Mount Holly town council met to discuss the tentative settlement in Township of Mount Holly v. Mt. Holly Gardens Citizens in Action, Inc. We understand that due to issues concerning the language of the...more

CFPB responds to letter from Senators raising concerns about auto fair lending guidance

The CFPB has responded to the October 30 letter it received from a bipartisan group of 22 U.S. Senators raising concerns about the fair lending auto finance bulletin issued by the CFPB this past March. The Senators’ letter...more

“Hardening” Soft Law and Human Rights Expectations for Financial Institutions

Earlier this month, a group of global banks known as the Thun Group released a discussion paper exploring the ways in which financial institutions might seek to integrate the U.N. Guiding Principles on Business and Human...more

Special Alert: Agencies Issue Joint Statement On Fair Lending Compliance And The CFPB’s ATR/QM Rule

On October 22, the CFPB, the OCC, the FDIC, the Federal Reserve Board, and the NCUA (collectively, the Agencies) issued a joint statement (Interagency Statement) in response to inquiries from creditors concerning their...more

CFPB, FTC Join In FCRA Amicus Brief

On October 4, the CFPB and the FTC filed an amicus brief in a Fair Credit Reporting Act (FCRA) case pending in the Ninth Circuit. The brief argues that the seven-year period during which a criminal arrest can be reported...more

Justice Department Announces Three Fair Lending Actions

Recently, the DOJ released information regarding three fair lending actions, all three of which included allegations related to wholesale lending programs. On September 27, the DOJ announced separate actions—one against a...more

DOJ Settles Fair Lending Case against Auto Dealer

The U.S. Department of Justice (DOJ) recently settled a fair lending lawsuit against Union Auto Sales, Inc., a California automobile dealer. This means that, once again, a DOJ attempt to use disparate impact evidence to...more

76 Results
|
View per page
Page: of 4

Follow Finance & Banking Updates on: