Redlining Isn’t What it Used To Be
Discrimination and Bias in Residential Lending
Keeping up with all the new regulations
Troutman Pepper Attorneys Update Fair Lending Handbook for the American Association of Bank Directors - The Consumer Finance Podcast
Fair Lending 101 for Debt Collectors - The Consumer Finance Podcast
Corporate Law Report: U.S. Manufacturing, Social Media, Online Endorsements, Hart Scott Rodino, More
In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more
As 2024 gets off the ground, federal regulators are continuing their focus on fair lending issues. In February, the Federal Financial Institutions Examination Council (FFIEC) released a statement on examination principles...more
Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer...more
NYDFS is closely evaluating fair lending compliance at the institutions it regulates, and bringing enforcement actions based on statistical analyses of lenders’ loan portfolios. NYDFS has entered into a series of consent...more
As previously discussed, financial services regulators are increasingly focused on how businesses use artificial intelligence (AI) and machine learning (ML) in underwriting and pricing consumer finance products. Although...more
On May 26, the CFPB published a circular affirming that federal anti-discrimination laws require companies to explain to consumers the specific reason a credit application was denied, even if the creditor is relying on...more
The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more
The Consumer Financial Protection Bureau (CFPB) finalized a rule yesterday aimed at providing the public and regulators with meaningful information concerning the lending practices of financial institutions....more
The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices....more
On September 24, 2015, the CFPB and DOJ announced a joint action against Hudson City Savings Bank for allegedly discriminatory redlining practices from 2009 through 2013 in certain neighborhoods in New York, New Jersey,...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more
To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more
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
Last Thursday, the Consumer Financial Protection Bureau (CFPB) published its long-awaited new proposed revisions to its Home Mortgage Disclosure Act (HMDA) rules. The 573-page proposed rules would make sweeping changes to...more
Having enacted a number of mortgage-related rules on the eve of statutory deadlines, the Consumer Financial Protection Bureau (CFPB), which now has a confirmed director, has shifted its focus to fair lending enforcement,...more
In the past few years, the federal government has devoted substantial resources to scrutinizing and litigating what it perceives to be unfair, deceptive or abusive mortgage-lending practices. Looking forward, all indications...more
Although its new mortgage servicing rules are not effective until January 10, 2014, the CFPB seems to already be using those rules as guideposts in its examinations of servicers....more
Several weeks ago, the Consumer Financial Protection Bureau (“CFPB”) issued a fair lending guidance bulletin (“Bulletin”) directed at financial institutions that make indirect automobile loans. While the Bulletin thus far has...more
Last month the Consumer Financial Protection Bureau announced that it will start holding banks accountable for the discriminatory actions of indirect auto lenders. The issue arises when a consumer goes to purchase a car and...more
The Consumer Financial Protection Bureau has issued guidance on fair lending compliance for indirect auto lenders. The guidance targets the practice of “dealer markups.” This practice involves an auto dealer charging the...more