News & Analysis as of

Equal Access to Credit

Troutman Pepper

Lenders Take Note: Federal Banking Agencies Issue Long-Awaited Community Reinvestment Act Final Rule

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On October 24, the Federal Reserve Board (Fed), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) finally issued their long-awaited final...more

Pullman & Comley, LLC

Connecticut's Highly-Anticipated Canna-Business Revolving Loan Fund is Launched: Informational Webinars this Week

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On August 28, 2023 the Social Equity Council (SEC) and Connecticut’s Department of Economic and Community Development (DECD) announced the launch of the much anticipated Canna-Business Revolving Loan Fund that will provide...more

Troutman Pepper

CFPB Reports on Banking Access and the Status of Consumer Finance in the Southern Region

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On June 21, the Consumer Financial Protection Bureau (CFPB) released two reports detailing access to banking and the financial experience of consumers living in the Southern states. Many areas of the South are considered...more

Ballard Spahr LLP

CFPB speaks to ECOA and small business lending rule coverage of franchise financing

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The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance...more

Cadwalader, Wickersham & Taft LLP

FDIC Chair Speaks on Importance of Financial Inclusion and Safety of Deposit Insurance

Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg gave remarks to the Cities for Financial Empowerment Fund 2023 Bank On National Conference recently in which he said that the FDIC “shares the Bank On...more

Orrick, Herrington & Sutcliffe LLP

Real estate brokerage firm settles claims of discriminatory practices

On March 15, the New York attorney general announced a settlement with a real estate brokerage firm to resolve claims that it allegedly discriminated against Black, Hispanic, and other homebuyers of color on Long Island. ...more

Cadwalader, Wickersham & Taft LLP

Vice Chair Barr Speaks on Financial Inclusion

Federal Reserve Board (“FRB”) Vice Chair of Supervision Michael Barr gave remarks to the Banking on Financial Inclusion Conference at Jackson State University early this week....more

Perkins Coie

Fintech Week in Review: December 2020

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FTC Alleges Mobile App’s Deposit Promises Were Deceptive - Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they...more

Wiley Rein LLP

Wiley Consumer Protection Download (November 9, 2020)

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Regulatory Announcements - CFPB Issues No Action Letter to Facilitate Consumer Access to Loans. The Consumer Financial Protection Bureau (CFPB) issued a No-Action Letter to Bank of America, N.A. on November 5 regarding...more

Hudson Cook, LLP

Equality in Credit Decisions - Does "Sex" include Sexual Orientation and Gender Identity?

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In June of this year, the United States Supreme Court held that an employer who fires an employee for being gay or transgender violates the Civil Rights Act of 1964 ("Title VII"). Title VII prohibits employers from refusing...more

Orrick, Herrington & Sutcliffe LLP

CELF Focus - Il DL Semplificazioni: alcune misure a favore delle imprese

È stato pubblicato in Gazzetta il Decreto-legge 16 luglio 2020, n. 76 (il “Decreto”) recante “Misure urgenti per la semplificazione e l’innovazione digitale” (cd. “Decreto Semplificazioni”)....more

Ballard Spahr LLP

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

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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

Google revises advertising practices to address Fair Housing Act concerns

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The U.S. Department of Housing and Urban Development recently issued a statement announcing that it “has worked with Google to improve Google’s online advertising policies to better align them with requirements of the Fair...more

Ballard Spahr LLP

SCOTUS decision on Title VII sexual orientation discrimination has significant implications for credit arena

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Earlier this week, in Bostock v. Clayton County, Georgia, the U.S. Supreme Court ruled that firing an employee for being homosexual or transgender constitutes discrimination based on the employee’s sex in violation of Title...more

Ballard Spahr LLP

Federal banking agencies issue interagency principles for small-dollar loans

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The Federal Reserve, OCC, FDIC, and NCUA have issued “Interagency Lending Principles for Offering Responsible Small-Dollar Loans.”  The agencies state that the principles are intended “to encourage supervised banks, savings...more

Orrick, Herrington & Sutcliffe LLP

Decreto Liquidità (Liquidity Decree): Further Measures to support companies

On 6 April 2020, the Italian Council of Ministers approved a new Law Decree on ‘Urgent measures concerning access to credit and deferral of obligations for companies, as well as special powers in sectors of strategic...more

Orrick, Herrington & Sutcliffe LLP

Orrick Finance Italy – CELF Weekly Newsletter #2

È stato pubblicato, sulla G.U. n. 94 del 8 aprile 2020, il D.L. 8 aprile 2020 n. 23 (c.d. Decreto Liquidità).Il decreto introducemisure specifiche per l’accesso al credito e per garantire adeguata liquidità alle imprese. Il...more

Ballard Spahr LLP

House to hold hearing on artificial intelligence

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On February 12, 2020, the House Financial Services Task Force on Artificial Intelligence will hold a hearing titled, “Equitable Algorithms: Examining Ways to Reduce AI Bias in Financial Services.”...more

Ballard Spahr LLP

Federal Reserve warns about redlining and steering risks from digital targeted advertising

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One of the most important areas of consumer financial regulation today is the use of internet- or social media-based platforms to target advertising for consumer financial products. ...more

Ballard Spahr LLP

House Financial Services Subcommittee on Oversight and Investigations Holds Hearing on Lending and Housing Discrimination Against...

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On October 29, 2019, the House Financial Services Subcommittee on Oversight and Investigations held a hearing to explore the issue of lending and housing discrimination against members of the LGBTQ+ community....more

Ballard Spahr LLP

The CFPB’s Latest Credit Invisibility Report: What Should We Make of It?

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Earlier this week, the CFPB’s Office of Research released its third “Data Point” report on Americans who are “credit invisible” – that is, those without an established credit history with the three national credit reporting...more

Ballard Spahr LLP

Bipartisan Bill Introduced to Expand Mortgage Access to the Self-Employed

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U.S. Senators Mark R. Warner (D-VA) and Mike Rounds (R-SD) introduced federal legislation on August 28, 2018, that would expand access to mortgages to the self-employed, gig workers, and other creditworthy individuals with...more

Williams Mullen

State AGs and Regulators Step Up UDAAP Enforcement

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Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more

Ballard Spahr LLP

Feds Obtain First-Ever Settlement over Allegedly Discriminatory ‘Buy Here, Pay Here’ Car Dealership Financing

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The U.S. Department of Justice (DOJ) and the North Carolina Department of Justice recently requested court approval of a consent decree arising out of alleged racial discrimination by two North Carolina car dealerships in...more

Ballard Spahr LLP

Mortgage Banking Update - Febuary 06, 2013

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In This Issue: - Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit - Industry Employers Should Prepare Now for Health Care Reform - Title...more

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