News & Analysis as of September 19, 2024

Equal Credit Opportunity Act

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

CFPB Issues 2023 Annual Fair Lending Report

Ballard Spahr LLP on 7/11/2024

On June 26, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its annual Fair Lending Report (the “Report”) for the calendar year 2023. The reporting period ran through December 31, 2023, so any...more

House Committee Forms AI Working Group as Regulators Emphasize Existing Authority to Regulate AI

Husch Blackwell LLP on 1/30/2024

Here’s what you need to know: 1. The House Financial Services Committee formed a 12-member working group on Artificial Intelligence (AI). The group is tasked with exploring AI’s comprehensive impact on financial services so...more

Wiley Consumer Protection Download (October 17, 2023)

Wiley Rein LLP on 10/17/2023

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

DOJ settles another redlining case

Ballard Spahr LLP on 9/1/2023

The Department of Justice (DOJ) announced that it has entered into a settlement with American Bank of Oklahoma (ABOK) to resolve allegations that ABOK engaged in unlawful redlining in Tulsa, Oklahoma. The DOJ opened its...more

DOJ Reaches $1.15 Million Redlining Settlement With American Bank of Oklahoma

Troutman Pepper on 8/31/2023

On August 28, the U.S. Department of Justice (DOJ) announced its eighth redlining settlement under its Combatting Redlining Initiative. The settlement between the DOJ and the American Bank of Oklahoma, which originated from a...more

DOJ Reaches Settlement Over Bank’s Alleged Redlining

Goodwin on 6/5/2023

On May 31, 2023, the United States Department of Justice (DOJ), announced that it had entered into a settlement with a Philadelphia based bank and trust company over allegations that the bank had engaged in unlawful redlining...more

Agencies reiterate illegality of appraisal discrimination

Orrick, Herrington & Sutcliffe LLP on 2/16/2023

On February 14, CFPB Fair Lending Director Patrice Ficklin joined senior leaders from the FDIC, HUD, NCUA, Federal Reserve Board, DOJ, OCC, and FHFA in submitting a joint letter to The Appraisal Foundation (TAF) urging the...more

Is the DOJ (De Facto) Enforcing the Community Reinvestment Act?

Alston & Bird on 10/19/2022

A&B Abstract: Furthering the Justice Department’s Combating Redlining Initiative, the Department of Justice has announced another redlining settlement. But this settlement is different – this one involves a bank that has...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

Ballard Spahr LLP on 1/31/2017

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

Financial Services Weekly News - January 2017

Goodwin on 1/12/2017

Editor's Note - In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more

DOJ Files Consent Order Against Union Savings Bank, Guardian Savings Bank

Ballard Spahr LLP on 1/5/2017

The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more

DOJ Drives ECOA Settlement With Bank Over Vehicle-Secured Loans

Manatt, Phelps & Phillips, LLP on 10/31/2016

Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more

DOJ Settles Fair Lending Claims Based on Bank's Pricing Policy for Vehicle-Secured Loans

Ballard Spahr LLP on 10/11/2016

The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more

ABA seeks supervisory and enforcement standards consistent with Inclusive Communities

Ballard Spahr LLP on 8/11/2015

The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more

CFPB Releases its Third Fair Lending Report to Congress

Carlton Fields on 5/11/2015

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

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

Ballard Spahr LLP on 6/20/2014

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

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Federal Deposit Insurance Corporation › Department of Justice (DOJ) › Equal Credit Opportunity Act

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