News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Equal Credit Opportunity Act Discrimination

K&L Gates LLP

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

K&L Gates LLP on

The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more

Sheppard Mullin Richter & Hampton LLP

DACA Recipient Accuses California Credit Union of ECOA Violations

On May 3, a California resident filed a class action lawsuit in federal court accusing a Los Angeles-based credit union of discriminatory practices, and raised a civil rights claim under 42 U.S.C. § 1981, and violations of...more

Cozen O'Connor

CFPB Emphasizes that AI is not Above the Law

Cozen O'Connor on

The CFPB issued guidance for lenders on the use of artificial intelligence (AI) when determining whether or not to extend credit to consumers. The guidance clarifies that creditors relying on AI or other complex credit...more

Husch Blackwell LLP

Texas Court Vacates CFPB's Revised UDAAP Exam Manual and Its New Anti-Discrimination Guidance

Husch Blackwell LLP on

In a not-entirely-unexpected ruling, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas recently vacated the Consumer Financial Protection Bureau’s (CFPB) updated Unfair, Deceptive, or...more

Sheppard Mullin Richter & Hampton LLP

CFPB Statement of Interest Highlights Focus on Discriminatory Access to Credit

On April 14, the CFPB filed a statement of interest in a case currently pending before the United States District Court for the Southern District of Florida in an attempt “to help protect consumers from discriminatory...more

Buchalter

Court Rules That CFPB Fair Lending Enforcement Authority Does Not Extend to Prospective Loan Applicants

Buchalter on

According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the...more

Hudson Cook, LLP

Is Different Pricing for Non-Credit Products and Services Illegal Discrimination? Yes, Says the CFPB, Massachusetts, and the FTC

Hudson Cook, LLP on

The Consumer Financial Protection Bureau made news this year when it announced that it considered discrimination to be illegal as an "unfair" practice, including in situations where fair lending laws do not apply. In March,...more

Alston & Bird

Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory

Alston & Bird on

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind...more

Cozen O'Connor

CFPB Reminds Lenders that Algorithms Are Not a Shield for Discrimination

Cozen O'Connor on

The CFPB released Consumer Financial Protection Circular 2022-03 and an accompanying press release detailing the agency’s position on the application of anti-discrimination laws to consumer lenders relying on so-called “black...more

Wiley Rein LLP

Wiley Consumer Protection Download (May 16, 2022)

Wiley Rein LLP on

Alvaro Bedoya Sworn in as FTC Commissioner Following Senate Confirmation. On May 16, Alvaro Bedoya was sworn in as FTC Commissioner. The U.S. Senate confirmed Bedoya to the FTC’s open Commissioner on May 11. ...more

Sheppard Mullin Richter & Hampton LLP

Regulation by Definition: CFPB Broadens Definition of “Unfairness” to Rein in Discrimination

In a significant move, the CFPB announced on March 16 a revision to its supervisory operations to address discrimination outside of the traditional fair lending context, with future plans to scrutinize discriminatory conduct...more

Bradley Arant Boult Cummings LLP

CFPB Issues Release Regarding its Intent to Target “Unfair Discrimination in Consumer Finance”

The Consumer Financial Protection Bureau (“CFPB”) issued a release on March 16, 2022 in order to announce changes to its supervisory operations with respect to discriminatory lending and servicing practices. In its...more

Alston & Bird

Modern-Day Redlining Enforcement: A New Baseline

Alston & Bird on

The Biden Administration’s focus on racial equity extends to many areas, and homeownership is the latest. Our Financial Services & Products Group analyzes new federal enforcement actions on alleged redlining to find patterns...more

McGlinchey Stafford

Regulators Prioritize Fair Lending And Equal Access To Credit

McGlinchey Stafford on

Anyone who has attended a conference that looked at information from regulators within the past few months could not help but notice that a key area of focus is fair lending and equal access to credit... Originally...more

Davis Wright Tremaine LLP

A New Spring in the CFPB's Step

With a new administration incoming at the Consumer Financial Protection Bureau (CFPB) and the country turning the corner in its fight against the pandemic, the CFPB has begun to flex its regulatory muscles once again. From...more

Wiley Rein LLP

Wiley Consumer Protection Download (March 15, 2021)

Wiley Rein LLP on

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

CFPB Clarifies That ECOA Prohibits Discrimination Based on Sexual Orientation and Gender Identity

On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an Interpretive Rule clarifying that the Equal Credit Opportunity Act (ECOA) and Regulation B prohibit discrimination based on: Sexual orientation;...more

Ballard Spahr LLP

State AGs urge Mulvaney to continue use of disparate impact theory of ECOA liability

Ballard Spahr LLP on

On September 5, 2018 a group of 14 state Attorneys General and the AG for the District of Columbia sent a comment letter to CFPB Acting Director Mick Mulvaney, urging him to refrain from “reexamining the requirements” of the...more

Poyner Spruill LLP

Indirect Auto Lending Anti-Discrimination Regulation Meets the Congressional Review Act

Poyner Spruill LLP on

With the stroke of a pen, President Trump nullified the 2013 informal guidance on “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” (Guidance) issued by the Consumer Financial Protection Bureau...more

BakerHostetler

Congress Passes Repeal of CFPB Guidance on Indirect Auto Lender Liability for Discriminatory Lending

BakerHostetler on

The U.S. House of Representatives voted last Tuesday to reject a 2013 Consumer Financial Protection Bureau (CFPB) bulletin that provided guidance regarding liability for discrimination in indirect auto lending. The same...more

Goodwin

Senate Takes Steps to Repeal CFPB Indirect Auto Lending Guidance

Goodwin on

On April 17, 2018, U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that the Senate would seek to repeal the Consumer Financial Protection Bureau’s (CFPB’s) indirect auto lending guidance. The Senate passed a...more

McGuireWoods LLP

Senate Votes to Strike Down Key CFPB Bulletin on Lending Discrimination in the Indirect Auto Market

McGuireWoods LLP on

On Wednesday, the U.S. Senate voted almost entirely along party lines to invalidate, under the Congressional Review Act, the Consumer Financial Protection Bureau’s (CFPB) (in)famous 2013 Bulletin on lending discrimination in...more

Ballard Spahr LLP

CFPB files amicus brief in Eleventh Circuit ECOA case

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

Ballard Spahr LLP

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

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

Ballard Spahr LLP

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

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

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