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Diversity assessment and remedial measures required by CFPB consent order

On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

CFPB Supervisory Highlights – January 2016 to April 2016

On June 30, 2016, the Consumer Financial Protection Bureau (“CFPB”) released the twelfth edition of its Supervisory Highlights report (“Report”), which focused on supervision work completed between January and April 2016. The...more

CFPB and DOJ settle fair lending claims involving allegations of redlining, discretionary underwriting and pricing, and overt...

The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more

CFPB and DOJ Settle Fair Lending Claims Involving Allegations of Redlining, Discretionary Underwriting and Pricing, and Overt...

The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more

CFPB and DOJ Propose $10.6 Million Settlement in Discriminatory Lending Action

On June 29, the Consumer Financial Protection Bureau (CPPB) and Department of Justice (DOJ) announced a joint enforcement action against a regional bank for alleged discriminatory mortgage lending in violation of the Equal...more

SCOTUS Agrees to Review City of Miami Fair Housing Claim

The Supreme Court has agreed to review a discriminatory lending case brought by the City of Miami against Wells Fargo & Co. and Bank of America Corp. At issue is whether a city government is permitted to bring a suit seeking...more

CFPB Announces $10.6M Settlement with Mississippi Bank over Redlining

In a case that demonstrates the scope of the Consumer Financial Protection Bureau’s (“CFPB’s”) reach, the CFPB and Department of Justice (“DOJ”) have entered into a settlement with BancorpSouth totaling almost $10,600,000...more

The Supreme Court - June 2016 #8

The Supreme Court granted certiorari in eight cases last week: Bank of America Corp. v. Miami, No. 15-1111; Wells Fargo & Co. v. Miami, 15-1112: (1) Whether the term “aggrieved” in the Fair Housing Act imposes a...more

Department of Housing and Urban Development Announces Settlement with National Bank over Alleged Discriminatory Lending Practices

On June 8, 2016, the Department of Housing and Urban Development (HUD) announced it entered into a settlement agreement with a national bank over allegations the bank engaged in discriminatory lending practices in violation...more

CFPB Examinations and Investigations: Defense Strategies and Best Practices

The pursuit of examinations and enforcement actions by the Consumer Financial Protection Bureau (CFPB) has created new challenges for entities that provide consumer financial products and services. Given the CFPB’s broad...more

Not Starry-Eyed: Massachusetts Imposes Rigorous Standard on Fair Housing Disparate Impact Claims in Burbank Apartments

The Massachusetts Supreme Judicial Court (“SJC”) recently answered the question of whether the Massachusetts anti-discrimination statute Chapter 151B recognizes a disparate impact theory of discrimination. In Burbank...more

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

Divided Supreme Court Results in Non-Uniform Application of Reg B

In what goes for kicking the can down the road at the Supreme Court, the Court has evenly split on an appeal arising from the Eight Circuit Court of Appeals decision in Hawkins v. Community Bank of Raymore, 761 F3d 937 (CA8...more

U.S. Supreme Court Affirms Decision Excluding Guarantors from ECOA Protection

4-4 Decision Keeps Issue Unresolved Outside of 8th Circuit - On March 22, 2016, the U.S. Supreme Court affirmed the decision of the 8th Circuit Court of Appeals in favor of Lathrop & Gage LLP client Community Bank of...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

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

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

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

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

Ninth Circuit Reverses ECOA Violation Ruling

In Gomez v. Quicken Loans, Inc., -- Fed Appx. --, 2015 WL 6655476 (9th Cir. Nov. 2, 2015), the Ninth Circuit reversed the district court's dismissal of the appellant's Equal Credit Opportunity Act (ECOA) claim that was based...more

Federal Agencies File Action Against Bank for Discriminatory Redlining

The Consumer Financial Protection Bureau (CFPB) and the U.S. Department of Justice filed a complaint in New Jersey District Court against Hudson City Savings Bank, F.S.B., alleging it engaged in illegal redlining practices...more

Court holds lender justified to refuse mortgage switch

The County Court has held Southern Pacific Mortgage Limited did not breach the Disability Discrimination Act 1995 or the Equality Act 2010 when it refused to convert a repayment mortgage to an interest-only one at the request...more

DOJ Settles Fair Lending Claims Based on Bank’s Mortgage Pricing System

The U.S. Department of Justice (DOJ) has announced a proposed consent order with Sage Bank to settle charges that the bank violated the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) by discriminating on...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

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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