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Consumer Financial Protection Bureau Equal Credit Opportunity Act

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -

CFPB News: Recent Updates and Actions

It has been a particularly busy period for the Consumer Financial Protection Bureau (CFPB), which issued a proposed rule governing payday lending, received a mixed decision from a California federal court judge in a lawsuit...more

CFPB files amicus brief in Eleventh Circuit ECOA case

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in Regions Bank v. Legal Outsource PA, a case on appeal to the Eleventh Circuit that involves two important issues under the Equal Credit Opportunity Act (ECOA): whether the ECOA provides a...more

New From the CFPB: No-Action Letter, Online Aggregator Targeted

In the latest Consumer Financial Protection Bureau news, the Bureau issued its first no-action letter (of any kind), and did so to an online lending platform. It also took action against an online lead aggregator....more

CFPB’s First No-Action Letter: Supporting Innovation AND Supervision for Fair Lending

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau (the “Bureau”) issued its first no-action letter (“NAL”) to Upstart Network, Inc. (“Upstart”), a marketplace lender that sought to clarify that its automated model for underwriting...more

The State AG Report Weekly Update

by Cozen O'Connor on

AG Elections- Democrat Peter Neronha Declares Candidacy for Rhode Island Attorney General- Democrat Peter Neronha formally announced his bid to become Rhode Island AG in 2018. Neronha served as U.S. Attorney for the...more

DOJ Issues Annual Report To Congress On 2016 ECOA/FHA/SCRA Enforcement Activities

by Ballard Spahr LLP on

The Department of Justice’s Civil Rights Division has issued its annual report to Congress regarding its activities to enforce the ECOA, FHA and SCRA. The report covers 2016 activities that would have taken place under the...more

CFPB’s Project Catalyst Offers Comfort for Startups—but with a Cost

by Alston & Bird on

Project Catalyst finally takes off, giving companies a chance to pursue innovative strategies and products in the financial services sphere. Our Financial Services & Products Group takes stock of the CFPB’s very first...more

CFPB Issues First No-Action Letter To Marketplace Lender

On September 14, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first no-action letter to Upstart Network, Inc., a company based in San Carlos, California that provides an online lending platform...more

A First Time for Everything—CFPB Issues Its First No-Action Letter

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) recently announced the issuance of its first no-action letter (“NAL”) to Upstart Network, Inc. (“Upstart”), a San Carlos, California-based online lending...more

CFPB Provides Some Clarity on Alternative-Data Models Through No-Action Letter

by Ballard Spahr LLP on

On September 14, 2017, the CFPB issued a no-action letter – the first one ever issued by the agency – to a marketplace lender, stating that the agency had no present intention to take enforcement or supervisory action against...more

CFPB and Card Issuers Resolve ECOA Action Involving Cards Offered in U.S. Territories and Cardholders with Spanish Language...

by MoFo Reenforcement on

On August 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced the resolution of an administrative action under the Equal Credit Opportunity Act and its implementing regulation, Regulation B (collectively,...more

DOJ amicus brief in employment discrimination case undermines CFPB position on ECOA protection for sexual orientation

by Ballard Spahr LLP on

The Department of Justice has filed an amicus brief in a case pending before the U.S. Court of Appeals for the Second Circuit that presents the question of whether the prohibition on employment discrimination on the basis of...more

House member launches fintech lending investigation

by Ballard Spahr LLP on

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

Dodd-Frank News - Summer 2017

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Summer 2017 Dodd Frank Wall Street Reform and Consumer Protection Act Update

by Burr & Forman on

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

ABA identifies various industry concerns in fair lending white paper submitted to Treasury Secretary

by Ballard Spahr LLP on

We previously reported on the Executive Order 13772 titled “Core Principles for Regulating the United States Financial System,” which is a high-level policy statement consisting of a series of Core Principles that are...more

Fifth Circuit Rejects Arguments to Expand Scope of Liability under the Equal Credit Opportunity Act

by Locke Lord LLP on

The U.S. Court of Appeals for the Fifth Circuit rejected arguments that would have expanded the scope of liability under the Equal Credit Opportunity Act for lenders, or other participants, in the secondary mortgage market....more

Uncertain Future For CFPB Small Business Data Rule

by WilmerHale on

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace — the first step in an anticipated rulemaking pursuant to Section 1071 of...more

The Next CFPB Regulatory Challenge: Small Business Lending

by Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority. Under 12 U.S.C. § 5481(12) of the Dodd-Frank Act, the...more

CFPB conducts small business field hearing and issues related white paper and request for information

by Ballard Spahr LLP on

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

by Ballard Spahr LLP on

Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more

CFPB to hold May 10 field hearing on small business lending

by Ballard Spahr LLP on

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

CFPB’s Fair Lending Report Indicates Increased Focus for 2017 on Servicing and Small Business Lending

For many of us, the mention of fair lending enforcement immediately brings us to the origination side of the industry, specifically conjuring thoughts of redlining and Home Mortgage Disclosure Act (HMDA) data. While these...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

CFPB Issues its Annual Fair Lending Report and Sets its 2017 Agenda

The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more

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