Equal Credit Opportunity Act Dept. of Justice

News & Analysis as of

CFPB Continues Crackdown on Fair Lending: Marketing Materials Targeted

In a recent guidance bulletin, the Consumer Financial Protection Bureau reminded mortgage lenders to heed their Equal Credit Opportunity Act (ECOA) obligations when considering applicants receiving public assistance income....more

CFPB Enforcement Actions Take on LO Comp and Fair Lending

Over the past couple of weeks, the CFPB has kept itself busy in the mortgage origination enforcement arena. In one complaint, the CFPB ordered a residential mortgage lender and its CEO to each pay a $1 million civil penalty...more

CFPB and DOJ Settle With Mortgage Lender for Alleged Discriminatory Mortgage Pricing

On May 28, the CFPB, along with the DOJ, filed a joint complaint against a California-based mortgage lender alleging that the lender violated the Equal Credit Opportunity Act by engaging in a pattern or practice of...more

House approves amendment prohibiting use of appropriated funds for DOJ disparate impact litigation under the FHA

Yesterday, the House of Representatives approved an amendment to H.R. 2578, the Fiscal Year 2016 Commerce, Justice, and Science Appropriations Act, that would bar the use of appropriated funds by the Department of Justice to...more

CFPB and DOJ File Action Against Provident Funding Alleging Discriminatory Lending Policies and Practices

Last week, the Consumer Financial Protection Bureau (CFPB, or “Bureau”), together with the Department of Justice (DOJ), filed an enforcement action against Provident Funding Associates, L.P. (Provident), the second-largest...more

CFPB, DOJ Join in Fair Lending Enforcement Action Against Provident

On Thursday, the CFPB and the Department of Justice (DOJ) filed a joint complaint against the second-largest private mortgage company in the United States alleging it engaged in discriminatory lending practices from 2006 to...more

DOJ Settles with Illinois-Based Lender over Allegations of Discriminatory Lending

On May 7, the DOJ announced a consent order with an Illinois-based lender to settle allegations that the state-chartered bank engaged in a pattern of discriminatory lending, violating the Equal Credit Opportunity Act (ECOA)....more

CFPB Releases its Third Fair Lending Report to Congress

On April 28, 2015, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”), established in 2010 by The Dodd-Frank Wall Street Reform and Consumer Protection Act, issued its third Fair Lending Report (the “Report”)...more

Justice Department’s ECOA report describes joint CFPB activity

The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more

DOJ Submits 2014 Equal Credit Opportunity Act Annual Report to Congress

On April 13, the DOJ released its 2014 Annual Equal Credit Opportunity Act (ECOA) Report highlighting its activities to address credit discrimination. The twenty-page report highlights discrimination lawsuits and settlements...more

DOJ Reaches Deal In Auto Lending Discrimination Case

Why it matters - In what the government calls its first ever discrimination settlement involving “buy here, pay here” auto financing, the Department of Justice (DOJ) and North Carolina Attorney General reached a deal...more

DOJ and North Carolina AG Settle First-Ever Federal Discrimination Suit Involving Auto Lending

On February 10, the DOJ, along with the U.S. Attorney’s Office for the Western District of North Carolina and the North Carolina AG, announced the settlement of the federal government’s discrimination suit involving two “buy...more

DOJ, CFPB Fair Lending Enforcement Actions Target Credit Card Repayment Programs, Marketing Of Add-On Products

On June 19, the CFPB and the DOJ announced parallel enforcement actions against a federal savings bank that allegedly violated ECOA in the offering of credit card debt-repayment programs and allegedly engaged in deceptive...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

BNA's Banking Report: Enforcement 2013: Enforcement Actions Continue Three-Year Decline; DOJ Emerges as Major Player

Overall Trends & Outlook - From an enforcement standpoint, 2013 was another historic year in a number of important ways beyond the sheer number of cases, which were again significant. Federal banking agencies1 issued...more

CFPB Report Recaps Fair Lending Activities

On April 30, the CFPB published its second annual report to Congress on its fair lending activities. According to the report, in 2013 federal regulators referred 24 ECOA-related matters to the DOJ—6 by the CFPB—as opposed to...more

DOJ And CFPB Team Up To Take On Auto And Mortgage Lenders

The CFPB and the Department of Justice (DOJ) are joining forces to pursue damages and penalties against consumer lenders for violation of the Equal Credit Opportunity Act (ECOA) in pricing consumer loans....more

CFPB Releases Second Fair Lending Report

The CFPB released its second Fair Lending Report to Congress last week, summarizing the Bureau’s fair lending actions in the last year and a half. The Report highlighted the Bureau’s creation and implementation of a...more

Automobile Dealer Trade Group Issues Guidance In Response to Recent CFPB Enforcement Action

In response to a recent joint enforcement action by the CFPB and Department of Justice alleging violations of the Equal Opportunity Credit Act, and its implementing regulation, Regulation B, the National Automobile Dealers...more

Justice Department, U.S. Attorney, N.C. Attorney General Sue over Reverse Redlining by Auto Dealers

The U.S. Department of Justice (DOJ), the U.S. Attorney’s Office, and the North Carolina Attorney General filed a complaint last week against two corporations that own two “buy here, pay here” used car dealerships, as well as...more

DOJ Alleges Community Bank’s Unsecured Loan Pricing Violated ECOA

Last month, the DOJ announced a settlement with a three-branch, $78 million Texas bank to resolve allegations that the bank engaged in a pattern or practice of discrimination on the basis of national origin in the pricing of...more

CFPB and DOJ Take Enforcement Action Against Bank Alleging Violations of ECOA

The CFPB and DOJ announced that the filing of a joint complaint in the United States District Court for the Western District of Pennsylvania against a bank as successor in interest to a mortgage lender for violations of the...more

CFPB Takes Enforcement Action For Alleged Violations of ECOA

Resulting from an examination and subsequent joint investigation with the Department of Justice, the CFPB took enforcement action against a bank and bank holding company alleging violations of the Equal Credit Opportunity Act...more

Report On CFPB’s Auto Finance Forum

This morning, the CFPB hosted an auto finance forum, which featured remarks from CFPB staff and other federal regulators, consumer advocates, and industry representatives. Some of the highlights include...more

Special Alert: Agencies Issue Joint Statement On Fair Lending Compliance And The CFPB’s ATR/QM Rule

On October 22, the CFPB, the OCC, the FDIC, the Federal Reserve Board, and the NCUA (collectively, the Agencies) issued a joint statement (Interagency Statement) in response to inquiries from creditors concerning their...more

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