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Fair Housing Act (FHA) Consumer Financial Protection Bureau (CFPB)

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - July/August 2024

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Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Whitman Legal Solutions, LLC

HUD Files Appraisal Discrimination Charge Against Rocket Mortgage

The Fair Housing Act Applies to Residential Real Estate Appraisals - The Fair Housing Act (FHA) was passed in 1968 to prohibit housing discrimination based on race, color, religion, and national origin. Since then, the...more

Ballard Spahr LLP

7th Circuit Holds ECOA Protections Apply to Prospective Applicants

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In a major win for the CFPB, in CFPB v. Townstone Financial, a panel of the U.S. Court of Appeals for the Seventh Circuit (7th Circuit) recently held that the Regulation B provision prohibiting discrimination under the Equal...more

Alston & Bird

Appraisal Bias Settlement: Potential Roadmap

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What Happened? The lender and consumers reached a settlement in an appraisal bias case, Nathan Connolly and Shani Mott v. Shane Lanham, 20/20 Valuations, LLC, and loanDepot.com, LLC, filed in Maryland District Court, that...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Sheppard Mullin Richter & Hampton LLP

CFPB Brings String of Enforcement Actions to Round Out 2023

In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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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

Hudson Cook, LLP

CFPB and Department of Justice Sue Land Developer for Bait-and-Switch Sales and Lending Practices to Hispanic Homebuyers

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The CFPB and Justice Department sued a Texas-based developer and its affiliates, as well as a mortgage lender, alleging they operate a deceptive and discriminatory land sales scheme targeting Hispanic borrowers by selling...more

Troutman Pepper

CFPB and DOJ File Lawsuit Against Housing Developer/Lender Over Targeting Hispanic Borrowers with Alleged False Statements and...

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On December 20, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge), its affiliates, and Loan...more

Goodwin

CFPB and DOJ Sue Land Developer Over Allegations of Discriminatory Lending

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​​​​​​​​On December 20, 2023, the CFPB announced that, along with the DOJ, it had filed suit against a Texas-based developer and lender for operating an allegedly illegal land sales scheme that targeted Hispanic borrowers....more

Ballard Spahr LLP

Oral Arguments Held in CFPB v. Townstone Financial Case

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On December 8, 2023, oral arguments were held before a three judge panel of the U.S. Court of Appeals for the Seventh Circuit in the CFPB v. Townstone Financial case, in which the CFPB alleges that Townstone Financial, a...more

Davis Wright Tremaine LLP

White House Ushers in New Era of Regulation With Landmark Executive Order on Artificial Intelligence

The AI executive order moves the U.S. closer to a broader unified approach on federal AI regulation, expanding on the AI Bill of Rights and NIST AI Risk Management Framework and focusing on the responsible development and...more

Morrison & Foerster LLP

AI Executive Order: Consumer Financial Services Touchpoints

On October 30, 2023, President Biden issued a wide-ranging Executive Order designed to protect Americans from potential risks associated with artificial intelligence (AI) systems. The Executive Order on the Safe, Secure, and...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - November 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Ballard Spahr LLP

DOJ Redlining Consent Order With Ameris Bank

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Recently the U.S. Department of Justice (DOJ) entered into a proposed consent order with Ameris Bank to resolve allegations of redlining from 2016 through 2021 in majority Black and Hispanic areas in the Bank’s Jacksonville,...more

Ballard Spahr LLP

DOJ Settles Redlining Claims in Rhode Island

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The Department of Justice (DOJ) announced a settlement agreement with Washington Trust Company, of Westerly (WTC) to resolve claims that WTC redlined majority Black and Hispanic neighborhoods in Rhode Island....more

Sheppard Mullin Richter & Hampton LLP

US District Court Grants HUD’s Summary Judgment Motion in Disparate Impact Case

Ten years after the US Department of Housing and Urban Development (HUD) first promulgated its disparate impact rule (the Rule), on September 19, the US District Court for the District of Columbia granted HUD’s motion for...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more

McGlinchey Stafford

Agencies Propose Quality Control Standards for AVMs

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Mortgage originators and secondary market issuers use automated valuation models (AVMs) in determining the worth of collateral securing mortgages on consumers’ principal dwellings. As part of the Dodd-Frank Wall Street Reform...more

Ballard Spahr LLP

Trade Associations File Amici Brief Supporting Townstone Financial’s Position on ECOA Scope

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The Mortgage Bankers Association and Housing Policy Council (the “Associations”) recently filed an Amici Curiae brief supporting the position of Townstone Financial regarding the scope of the Equal Credit Opportunity Act...more

McGlinchey Stafford

New Opportunities for Lenders and Borrowers under Special Purpose Programs

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Problems with lack of affordability and access to housing are longstanding in the U.S. The CFPB has indicated that “minority households… continue to lack fair and equitable access to credit,” including mortgage lending. These...more

Troutman Pepper

Troutman Pepper Attorneys Update Fair Lending Handbook for the American Association of Bank Directors - The Consumer Finance...

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Please join Troutman Pepper Partners Chris Willis and Lori Sommerfield, along with American Association of Bank Directors (AABD) President David Baris, for a special announcement about the recently published second edition of...more

Troutman Pepper

Federal Agencies Release Proposed Automated Valuation Model Rule

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With a roll-out led by Vice President Harris, the federal financial services regulators have released the long-awaited proposed automated valuation model (AVM) rule, referencing both home appraisal bias in mortgage lending...more

Lippes Mathias LLP

Federal Agencies Signal Collaborative and Increasing Enforcement Efforts Against Discrimination and Bias in Automated Systems

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While state and federal agencies are developing regulations directly targeting automated decision-making systems, on April 25, 2023, the Consumer Financial Protection Bureau (CFPB), Justice Department (DOJ), Equal Employment...more

Brownstein Hyatt Farber Schreck

D.C. Policymakers Take Aim at Tenant Screening Issues

This week the U.S. Department of Housing and Urban Development (HUD) announced plans for additional steps it plans to take related to criminal history screening. This comes on the heels of the Consumer Financial Protection...more

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