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Ballard Spahr LLP

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

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The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Hudson Cook, LLP

CFPB Bites of the Month - August 2024 - All That's Left of the CFPB's Summer Sky

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In this month's article, we share some of our top "bites" for the prior and current month covered during the August 2024 webinar....more

Ballard Spahr LLP

FTC, State of Arizona Charge Auto Dealership with Deceiving Consumers

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On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more

Alston & Bird

Appraisal Bias Focus Continues in 2024

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What Happened? Building on the 2021 announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”) and a series of federal agency actions in the intervening months, 2024 brings new efforts at...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 27, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Davis Wright Tremaine LLP

White House Ushers in New Era of Regulation With Landmark Executive Order on Artificial Intelligence

The AI executive order moves the U.S. closer to a broader unified approach on federal AI regulation, expanding on the AI Bill of Rights and NIST AI Risk Management Framework and focusing on the responsible development and...more

Hudson Cook, LLP

CFPB Bites of the Month - October 2023 - Bewitching the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the October 2023 webinar. Bite 10: New Report on NSF Fees at Banks and Credit Unions On October 11, 2023, the CFPB issued a data...more

Jones Day

Federal Court Rejects CFPB's Novel Use of "Unfair, Deceptive, or Abusive Acts or Practices" Authority

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Ruling concludes "unfairness" authority under the Dodd-Frank Act does not cover discrimination. On September 8, 2023, a federal district court rejected the Consumer Financial Protection Bureau's ("CFPB") interpretation...more

Lippes Mathias LLP

Federal Agencies Signal Collaborative and Increasing Enforcement Efforts Against Discrimination and Bias in Automated Systems

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While state and federal agencies are developing regulations directly targeting automated decision-making systems, on April 25, 2023, the Consumer Financial Protection Bureau (CFPB), Justice Department (DOJ), Equal Employment...more

Orrick, Herrington & Sutcliffe LLP

11th Circuit: ECOA anti-discrimination provision against requiring spousal signature does not apply to defaulted mortgage during...

On April 27, the U.S. Court of Appeals for the Eleventh Circuit affirmed a lower court’s decision to enter judgment in favor of a defendant national bank following a bench trial related to claims arising from foreclosure...more

Eversheds Sutherland (US) LLP

Focus on Fintech: CFPB plans to use its UDAAP authority to expand its anti-discrimination efforts to non-credit financial products...

The CFPB recently updated  its examination manual to, in Director Chopra’s words, “combat discriminatory practices across the board in consumer finance.” Under the CFPB’s revised manual, any discriminatory conduct that the...more

Perkins Coie

Fintech Legal Report - July 2022

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The CFPB terminates a no-action letter with an AI credit underwriter. A CFPB circular confirms that AI underwriting models are subject to anti-discrimination laws including adverse action notices....more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms Compliance with ECOA Adverse Action Notice Requirements

On May 26, the CFPB published a circular affirming that federal anti-discrimination laws require companies to explain to consumers the specific reason a credit application was denied, even if the creditor is relying on...more

Troutman Pepper

CFPB Releases a Warning — But No Helpful Guidance — on Machine Learning Model Adverse Action Notices

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On May 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or...more

Sheppard Mullin Richter & Hampton LLP

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

BCLP

CFPB Redefines Discrimination in Financial Services with Updates to UDAAP Examination Manual

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The Consumer Financial Protection Bureau (CFPB) materially altered the consumer protection landscape in the financial services industry through a series of revisions to its examination manual for unfair, deceptive and abusive...more

Buchalter

CFPB Expands the Consumer Financial Products It Will Examine for Potential Discrimination Issues; Intends to Include All Financial...

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On March 16, 2022, the CFPB announced it will expand the scope of its enforcement activities regarding discrimination beyond the specific areas covered by ECOA, by applying the UDAAP unfair practices standard to...more

WilmerHale

CFPB Announces Expansion of Unfairness Analysis to Address Discrimination

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On March 16, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) announced a significant expansion of its “anti-discrimination efforts to combat discriminatory practices across the board in consumer finance.” Under...more

Bradley Arant Boult Cummings LLP

CFPB Puts Mortgage Servicing Industry on Notice: Being “Unprepared is Unacceptable”

On April 1, 2021, the Consumer Financial Protection Bureau emphasized that the mortgage servicing industry must prepare now for an inevitable increase later this year in loss mitigation requests from borrowers whose COVID-19...more

Skadden, Arps, Slate, Meagher & Flom LLP

Special Purpose Credit Programs — Taking a Second Look at a Familiar Tool

Increasingly, lenders are interested in pursuing proactive efforts to increase lending opportunities for members of African-American, Hispanic and other communities that may have traditionally been underserved. These...more

Hudson Cook, LLP

Consumer Lending in the COVID-19 Crisis - Fair Lending Concerns

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The world has been struck by an unthinkable humanitarian crisis - COVID-19. We have never seen anything like this before, and this virus impacts every aspect of our lives. It is in this environment that creditors seek...more

ArentFox Schiff

Ain’t No Party Like an Anti-Discriminatory-Rule-Writing Party

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The financial services industry had been waiting with bated breath to see how the Consumer Financial Protection Bureau (Bureau) would resume efforts to prescribe rules and give guidance to implement the far-reaching Section...more

Bradley Arant Boult Cummings LLP

Proposed American Bar Association Resolution Could Affect Auto Dealers

The American Bar Association’s (ABA) Civil Rights and Social Justice Section, State and Local Government Law Section, and Commission on Homelessness and Poverty has proposed a resolution affecting automobile dealers that will...more

Ballard Spahr LLP

House member launches fintech lending investigation

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Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders. ...more

Lathrop GPM

8th Circuit Rules ECOA Does Not Apply to Guarantors of Loans

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After argument before the U.S. Court of Appeals for the 8th Circuit in Hawkins v. Community Bank of Raymore, Case No. 13-3065, Lathrop & Gage attorneys Tom Stahl, Greer Lang and Justin Nichols obtained a ruling that the Equal...more

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