News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Disparate Impact

Sheppard Mullin Richter & Hampton LLP

US District Court Grants HUD’s Summary Judgment Motion in Disparate Impact Case

Ten years after the US Department of Housing and Urban Development (HUD) first promulgated its disparate impact rule (the Rule), on September 19, the US District Court for the District of Columbia granted HUD’s motion for...more

Sheppard Mullin Richter & Hampton LLP

Texas Court Strikes Down CFPB UDAAP Policy

On September 8, a Texas federal judge ruled that the CFPB exceeded its authority by adopting a sweeping anti-discrimination policy last year. The CFPB adopted the policy in March 2022, via an update to its exam manual,...more

Cadwalader, Wickersham & Taft LLP

Agencies Issue Proposed Interagency Guidance on Real Estate Appraisal Reconsiderations of Value

Last week, the Office of the Comptroller of the Currency (“OCC”), Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), and the Consumer Financial...more

Orrick, Herrington & Sutcliffe LLP

HUD restores 2013 discriminatory effects rule

On March 17, HUD announced the submission of a final rule—Reinstatement of HUD’s Discriminatory Effects Standard—which would rescind the agency’s 2020 regulation governing Fair Housing Act (FHA or the Act) disparate impact...more

Troutman Pepper

FDIC Pursuing Disparate Impact Theory Against Auto Lenders Already Rejected by Congress

Troutman Pepper on

On December 6, during the 2022 Interagency Fair Lending Webinar, David Evans, a senior fair lending specialist with the Federal Deposit Insurance Corporation (FDIC), discussed some of the specific discrimination issues...more

Troutman Pepper

Fair Lending 101 for Debt Collectors - The Consumer Finance Podcast

Troutman Pepper on

Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Stefanie Jackman and Sarah Reise as they discuss the intersection of fair lending with collections. They cover which types of...more

McGlinchey Stafford

CFPB prioritizes fair lending, machine learning, privacy in digital engagement

McGlinchey Stafford on

Members of the auto finance industry continue to have a strong appetite for developing their digital origination and servicing platforms. Much of the industry also has a desire to use data in novel and creative ways to...more

Manatt, Phelps & Phillips, LLP

CFPB Pushes Equity Envelope via Updated UDAAP Examination Manual

While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more

Jenner & Block

CFPB and other Federal Regulators Eye Regulation Aimed at Curbing Algorithmic Bias in Automated Home Valuations

Jenner & Block on

Late last month, the Consumer Financial Protection Bureau (CFPB) took another step toward adopting rules governing the use of artificial intelligence (AI) and algorithms in appraising home values. Specifically, the CFPB...more

Alston & Bird

CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA

Alston & Bird on

Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) to instruct the CFPB, Fed, OCC, FDIC, NCUA, and FHFA...more

Goodwin

CFPB Releases Report Analyzing Consumer Complaint Data By Demographics

Goodwin on

The Consumer Financial Protection Bureau (CFPB) issued its first in-depth report analyzing consumer complaint submission patterns by demographic characteristics. The CFPB’s findings were based on nearly 1 million...more

Bilzin Sumberg

An Opportune Time For Financial Institutions to Review Their Fair Lending Procedures

Bilzin Sumberg on

At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more

Hudson Cook, LLP

State Regulator Pursues Disparate Impact in Auto Finance

Hudson Cook, LLP on

Players in the auto finance industry have been watching the Consumer Financial Protection Bureau ping-pong over the last several years regarding disparate impact theories under the Equal Credit Opportunity Act. The disparate...more

Manatt, Phelps & Phillips, LLP

Fair Lending: HUD to Reinstate Lower Bar for Proving Disparate Impact

On June 25, the Department of Housing and Urban Development (HUD) published in the Federal Register a proposal to rescind its own 2020 disparate impact rule (2020 Rule). In its place, HUD is proposing to recodify and restore...more

Bradley Arant Boult Cummings LLP

Biden Administration Continues Fair Lending Efforts as HUD Announces Proposal to Restore the Discriminatory Effects Rule

One of the Biden administration’s first actions was a January 25, 2021, executive order on Redressing Our Nation’s and the Federal Government’s History of Discriminatory Housing Practices and Policies, whereby the White House...more

Manatt, Phelps & Phillips, LLP

CFPB Rulemaking Will Require Reporting On Lending To Women- And Minority-Owned And Small Businesses

The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more

Hudson Cook, LLP

Fair Lending Developments: Disparate Impact Lives On

Hudson Cook, LLP on

[co-author: John Ropiequet] The fair lending cases filed by Miami against four major mortgage lenders, reported in several previous Annual Surveys, came to a sudden, anticlimactic end when the city voluntarily dismissed...more

Hudson Cook, LLP

CFPB Bites of the Month - March Top 10

Hudson Cook, LLP on

Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more

Bradley Arant Boult Cummings LLP

FTC’s Comment on ECOA and Regulation B Signals Continued Focus on Small Business Lending

Last year, the CFPB issued a notice and request for information on the Equal Credit Opportunity Act (ECOA) and Regulation B. Specifically, the CFPB sought “comments and information to identify opportunities to prevent credit...more

King & Spalding

The Implications of a Revived Disparate Impact Doctrine Under a Biden CFPB

King & Spalding on

Every change in presidential administration results in shifts to agencies’ policy priorities and enforcement efforts. In a Biden Administration, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), in particular,...more

McGlinchey Stafford

9 Election Consequences Financial Services Clients Should Be Prepared For

McGlinchey Stafford on

If a change of administration transpires due to the upcoming election, here are some considerations that financial services companies should keep in mind. •Major philosophical differences exist between Biden and Trump on...more

Goodwin

SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures

Goodwin on

In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more

Morrison & Foerster LLP

CFPB Seeks Input On Improving Access To Credit

On August 3, 2020, the Consumer Financial Protection Bureau (CFPB) published a Request for Information (RFI) that seeks comment on ways to clarify the Equal Credit Opportunity Act’s (ECOA) implementing regulation, Regulation...more

Ballard Spahr LLP

CFPB Files First Ever Redlining Complaint Against a Non-Bank Mortgage Lender

Ballard Spahr LLP on

On July 15, 2020, the CPFB filed a complaint in federal court against Townestone Financial, Inc. (Townestone) representing the first ever redlining complaint against a non-bank mortgage lender. ...more

Ballard Spahr LLP

FTC settles lawsuit against car dealer alleging discriminatory pricing practices

Ballard Spahr LLP on

The FTC recently announced a settlement of its lawsuit filed in a New York federal district court against a New York City car dealership and its individual general manager in which the FTC alleged that the defendants...more

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