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Credit Discrimination

Ballard Spahr LLP

CFPB Issues Biennial CARD Act Report to Congress

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On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure...more

Husch Blackwell LLP

CFPB and DOJ Joint Statement Signals Increased Fair Lending Scrutiny for Noncitizen Borrowers

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The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have issued a new joint statement focused on anti-discrimination in lending practices as they relate to noncitizens. This guidance not only...more

Sheppard Mullin Richter & Hampton LLP

You Don’t Need a Machine to Predict What the FTC Might Do About Unsupported AI Claims

The rapid rise of AI used with advertising, marketing and other consumer facing applications has caused the FTC to continue to take notice and issues guidance. For example, the FTC is concerned about false or unsubstantiated...more

Cadwalader, Wickersham & Taft LLP

No, Fancy Technology Does Not Excuse Compliance Obligations

The Consumer Financial Protection Bureau (“CFPB”) released a regulatory Circular providing guidance regarding the use of “complex algorithms” to assess whether a consumer should be extended credit. Often referred to as “black...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

Nelson Mullins Riley & Scarborough LLP

DOJ Redlining Initiative Revealed

For the past six months, we have received calls from banks and non-depository mortgage lenders regarding Department of Justice (“DOJ”) investigations into mortgage lending discrimination. These DOJ inquiries are bypassing the...more

Harris Beach PLLC

New York Extends the Moratorium on COVID-related Commercial Residential Evictions and Foreclosure Proceedings Until August 31,...

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On Tuesday May 4, 2021, Governor Cuomo signed an extension of the “COVID-19 Emergency Protect Our Small Businesses Act of 2021” (collectively, the “Act”) prohibiting residential and commercial evictions, foreclosure...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

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In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Ballard Spahr LLP

CFPB extends comment period for RFI on expanding credit access and further protecting consumers from credit

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The CFPB has extended by 60 days the comment period for its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are...more

Goodwin

Financial Services Weekly: Amendments To SEC Proxy Solicitation Rules Approved By A 3-1 Vote

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In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more

Ballard Spahr LLP

Lawsuit By 3 Trade Groups Challenging Nevada Spousal Credit History Law Dismissed

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A federal District Court judge in Nevada has dismissed a case filed by several trade associations against the Commissioner of the Financial Institutions Division (“FID”) of the Nevada Department of Business and Industry and...more

Hudson Cook, LLP

Assessing Disparate Impact in the Days of COVID-19

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The novel coronavirus upended American lives, changing how we work, how we socialize, how we shop, and - for millions of us - whether we are still employed. For many creditors, it also changed patterns of consumer default. In...more

Ballard Spahr LLP

Trade groups respond to Nevada regulator and AG in lawsuit challenging Nevada law

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We recently provided an update in a case we’ve been following involving a lawsuit challenging a Nevada statute, SB 311, that allows an applicant for credit with no credit history to request that a creditor treat an...more

Seyfarth Shaw LLP

Puerto Rico Enacts Restrictions on Use of Credit History in Employment

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Seyfarth Synopsis: With limited exception, Puerto Rico has joined the growing list of states that preclude an employer or prospective employer from procuring an employee’s or applicant’s credit history and/or taking adverse...more

Ballard Spahr LLP

Trade groups respond to motion to dismiss lawsuit challenging Nevada law allowing applicant to rely on spouse’s or former spouse’s...

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The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the...more

Ballard Spahr LLP

Trade groups challenge Nevada law allowing applicant’s reliance on spouse’s or former spouse’s credit report

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On October 1, three trade groups filed a lawsuit in Nevada federal court challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s...more

Jackson Lewis P.C.

Puerto Rico Revises Form For Reporting Payments To Terminated Employees, Considers Credit History Ban

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The Puerto Rico Department of the Treasury has announced changes to tax reporting for certain severance payments. As a result of the Labor Transformation and Flexibility Act (Act 4-2017), adopted in 2017, certain limited...more

Jackson Lewis P.C.

Philadelphia Ordinance Restricting Credit Checks on Job Applicants, Employees Effective July 7

Jackson Lewis P.C. on

Effective July 7, 2016, a new City of Philadelphia ordinance will restrict the use of credit checks and credit-related information. With certain exemptions, the ordinance prohibits covered employers in Philadelphia from...more

Ballard Spahr LLP

Philadelphia Limits Employer Use of Credit Information

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Beginning July 7, 2016, employers in Philadelphia may not consider credit history or other credit-related information for job-related decisions for many non-managerial jobs. This change stems from an amendment to the Fair...more

Kelley Drye & Warren LLP

The Regulatory Landscape for Indirect Auto Lenders After Ally

In December 2013, the Consumer Financial Protection Bureau (CFPB) announced its first settlement in the indirect auto lending industry. The target company was Ally Financial Inc. and Ally Bank (Ally). The CFPB alleged that...more

Seyfarth Shaw LLP

Best Practices for Complying with the New York City Fair Chance Act

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Given the imminent effective date of New York City’s Fair Chance Act, employers may be wondering what they need to do to comply with the law. As many employers are aware, effective October 27, 2015, the Fair Chance Act...more

Proskauer - Law and the Workplace

NYC Commission on Human Rights Explains New NYC Background Check Laws

We were pleased to host a program on September 28, 2015 on New York City’s two new background check laws, the Stop Credit Discrimination in Employment Act and the Fair Chance Act. Paul Keefe, Supervising Attorney at the NYC...more

Kelley Drye & Warren LLP

The NY City Commission Speaks – Be Careful in Claiming an Exemption from the NY City “Credit Check Law”

With the New York City “Stop Credit Discrimination in Employment Act” now in effect (as of September 3, 2015), the City Commission has just released guidelines for some ambiguous points in the law. We first wrote about the...more

Littler

NYC Commission Issues Guidance on the Citywide Bill Restricting Employers from Using Credit Information in Employment Decisions

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As previously reported, on May 6, 2015, New York City Mayor Bill de Blasio signed the "Stop Credit Discrimination in Employment Act" (Act), which makes it unlawful for most employers to use an applicant's or employee's credit...more

Mintz - Employment, Labor & Benefits...

The New York City Commission on Human Rights Releases Enforcement Guidance on the Stop Credit Discrimination in Employment Act

Last week, the Stop Credit Discrimination in Employment Act became effective. It amended the New York City Human Rights Law to prohibit most employers from making employment decisions based on an employee or applicant’s...more

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