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Fair Housing Act (FHA) Dodd-Frank Wall Street Reform and Consumer Protection Act

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

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

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

WilmerHale

CFPB Announces Expansion of Unfairness Analysis to Address Discrimination

WilmerHale on

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

Cozen O'Connor

Memphis Bank Settles Allegations of Discriminating Against Majority-Black and Hispanic Neighborhoods

Cozen O'Connor on

The Consumer Financial Protection Bureau (“CFPB”) and U.S. Department of Justice (“DOJ”) reached a settlement with Trustmark National Bank (“Trustmark”) to resolve allegations that it discriminated against Black and Hispanic...more

ArentFox Schiff

Joe Biden: Not Just President but Super-Superintendent of Insurance?

ArentFox Schiff on

In addition to dramatically changing the policies of former President Trump on the pandemic, the economy, immigration, and other key issues, the Biden Administration is likely to substantially increase the federal...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden's 2020 Insights

Despite political and economic uncertainties, markets and deal activity were resilient in 2019, and strong fundamentals remain in place heading into 2020. Companies continue to face a challenging litigation and enforcement...more

Goodwin

Financial Services Weekly News - April 2017 #4

Goodwin on

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

Ballard Spahr LLP

Diversity assessment and remedial measures required by CFPB consent order

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On June 29, 2016, BancorpSouth Bank announced a proposed settlement and consent order with the CFPB and the U.S. Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit...more

Locke Lord LLP

Top 10 Financial Institution Considerations for 2016: #10 – Fair Lending

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In our initial article announcing our top 10 considerations for financial institutions in 2016, our tenth and final consideration was fair lending risk, which seems to be perpetually on the radar of financial institutions...more

Ballard Spahr LLP

Fair Lending Director Ficklin Discusses Small Business Lending, LGBT issues, LEP consumers and Inclusive Communities at ABA...

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Last Thursday, I had the pleasure of teaching a class on payments and banking products to new lawyers at the American Bar Association’s Consumer Financial Services Institute. I arrived early for the class and got to hear a...more

Morrison & Foerster LLP

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Bilzin Sumberg

FHFA’S 2013 Report Shows Record Income for Fannie Mae and Freddie Mac, But Earnings Are Likely to Fall

Bilzin Sumberg on

On Friday, Federal Housing Finance Agency (FHFA) released its 2013 Report to Congress, revealing recent GSE milestones but anticipating future problems. The annual report is statutorily-required under the Federal Housing...more

Goodwin

Legislative Proposals to Reform the GSEs

Goodwin on

Two bills have emerged as dueling proposals to reform the GSEs: the Housing Finance Reform and Taxpayer Reform Act (the “Corker-Warner Bill”) in the Senate, and the Protecting American Taxpayers and Homeowners Act of 2013...more

K&L Gates LLP

HUD Issues QM Proposal for Comment: There is a “There” There

K&L Gates LLP on

This week, the United States Department of Housing and Urban Development (“HUD”) weighed in on its proposed version of a Federal Housing Administration (“FHA”) Qualified Mortgage (“QM”). Although the Consumer Financial...more

Burr & Forman

Dodd-Frank News: September 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

Burr & Forman on

In This Issue: - Recent Cases ..CFPB Involvement in Litigation ..Say-On-Pay Voting ..Constitutional Challenges to Dodd-Frank ..TILA Rescission ..Dodd-Frank Amendment to the Securities and...more

Goodwin

Federal Regulators Issue Proposal to Revise Qualified Residential Mortgage Rule

Goodwin on

Collectively, the FDIC, the OCC, FRB, SEC, FHFA, and HUD issued a second proposal Notice of Proposed Rulemaking to implement the risk retention requirements of the Dodd-Frank Act. Section 941 of the Dodd-Frank Act amended...more

Mintz - Public Finance Viewpoints

Financial Services Legislative and Regulatory Update -- August 5, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Except from Leading the Past Week - Congress usually tries to leave town for its month-long August...more

Mintz - Public Finance Viewpoints

Financial Services Legislative and Regulatory Update -- April 15, 2013

In This Issue: Leading the Past Week; Budget Summary; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Congress returned from a two-week recess and the...more

Morrison & Foerster LLP

Financial Services Report - Spring 2013

Editor’s Note - This is a dignified law firm newsletter, not like the “Brand X” versions. You won’t find pandering, attention-grabbing stories about Justin Bieber, Kim Kardashian, Ashton Kutcher, Prince William, or...more

K&L Gates LLP

HUD Final Rule on Disparate Impact under the Fair Housing Act

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On February 8, 2013, the Department of Housing and Urban Development (“HUD” or the “Department”) finalized its controversial discriminatory effects rule (the “final rule” or “discriminatory effects rule”), thus formalizing...more

Mintz - Public Finance Viewpoints

Financial Services Legislative And Regulatory Update -- February 18‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - President Obama touched on both new and old initiatives in his State of...more

Mintz - Public Finance Viewpoints

Financial Services Legislative And Regulatory Update -- February 11‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt Leading the Past Week - With January officially in the record books, it...more

Katten Muchin Rosenman LLP

Agencies Issue Final Rule on Appraisals for Higher-Priced Mortgage Loans

On January 18, six federal financial regulatory agencies (the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance...more

Mintz - Public Finance Viewpoints

Financial Services Legislative And Regulatory Update -- January 14, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and International. Excerpt from Leading the Past Week - As was widely anticipated, President Obama announced that he...more

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