News & Analysis as of

Loans Equal Credit Opportunity Act

Orrick, Herrington & Sutcliffe LLP

Court approves final settlement in class action against credit union alleging discriminatory loan denial based on DACA status

On August 15, the U.S. District Court for the Northern District of California, issued a final order approving settlement of a loan discrimination class action against a credit union, entering final judgment and ordering...more

Orrick, Herrington & Sutcliffe LLP

District Court grants motion for reconsideration on reverse redlining claim

On April 26, the U.S. District Court for the Eastern District of Michigan granted in part and denied in part the plaintiffs’ motion for reconsideration of its order granting the defendants summary judgment and dismissing...more

Troutman Pepper

A Closer Look at NCUA’s Consumer Financial Protection and Compliance Expectations

Troutman Pepper on

As discussed, in a recent letter, the Chairman of the National Credit Union Administration (NCUA) outlined the agency’s supervisory priorities for 2024. In this post, we delve deeper into the area of consumer protection...more

Troutman Pepper

9 Consumer Finance Issues to Note From CFPB Report

Troutman Pepper on

In July, the Consumer Financial Protection Bureau published a report highlighting various unfair, deceptive, and abusive acts or practices it claims to have uncovered during its supervisory examinations from July 2022 to...more

Ballard Spahr LLP

Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOA

Ballard Spahr LLP on

A group of eleven Republican Senators who are members of the Senate Banking Committee have sent a letter to CFPB Director Rohit Chopra and Attorney General Merrick Garland to urge the CFPB and DOJ to retract the joint...more

Sheppard Mullin Richter & Hampton LLP

CFPB, DOJ Joint Statement: Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit...

On October 12, the CFPB and DOJ issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics...more

Troutman Pepper

Federal Agencies Finally Weigh in on Immigration Status in Credit Underwriting

Troutman Pepper on

Last week, the U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) (collectively, the agencies) issued a joint statement on the subject of creditors’ use of immigration status for eligibility...more

Troutman Pepper

Texas Bankers Challenge CFPB’s Section 1071 Rule

Troutman Pepper on

On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

Troutman Pepper

CFPB Continues to Press for Expanded Definition of Credit Transaction Under ECOA by Interjecting its Position in Pending Private...

Troutman Pepper on

On April 14, the Consumer Financial Protection Bureau (CFPB) submitted a statement of interest to the U.S. District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition...more

Buchalter

Court Rules That CFPB Fair Lending Enforcement Authority Does Not Extend to Prospective Loan Applicants

Buchalter on

According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the...more

Orrick, Herrington & Sutcliffe LLP

Arizona AG: Earned wage access products are not loans

Recently, the Arizona attorney general issued an opinion confirming that earned wage access (EWA) products are not considered consumer loans under Arizona law...more

Alston & Bird

FTC Settles with Auto Dealer over Claims of Deceptive and Discriminatory Sales Practices

Alston & Bird on

Our Consumer Protection/FTC Team examines how an Federal Trade Commission action against an auto dealer signals a continued focus on deceptive add-on fees and discrimination against Black and Latino loan customers....more

Alston & Bird

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

Alston & Bird on

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

Bradley Arant Boult Cummings LLP

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Sheppard Mullin Richter & Hampton LLP

CFPB Closes Online Lending Fintech for Violating ECOA and CFPB Consent Order

On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more

Troutman Pepper

The Sixth Circuit Confirms Plaintiff’s Standing Based on an Alleged Denial of a Loan in Violation of the FCRA and ECOA

Troutman Pepper on

In Fillinger v. Third Fed. Sav. & Loan Ass’n, No. 21-3088 (6th Cir. 2021), the Sixth Circuit held that an alleged denial of a loan is a sufficient injury to confer standing under Article III of the Constitution....more

Alston & Bird

CFPB Institutes Redlining Action Against Non-Bank Mortgage Lender

Alston & Bird on

A&B ABstract: Recently, the Consumer Financial Protection Bureau (“CFPB”) brought its first ever redlining case against a non-depository institution....more

Ballard Spahr LLP

New CFPB Factsheets Addressing ECOA Valuations Rule Are Likely to Create Confusion Regarding Coverage

Ballard Spahr LLP on

The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation...more

Akerman LLP

Regulation Z, COVID-19, and Bona Fide Personal Financial Emergency Waivers

Akerman LLP on

On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying Regulation Z's bona fide personal financial emergency provisions in the context of the COVID-19 pandemic. The CFPB...more

Bilzin Sumberg

Eleventh Circuit Holds that a Guarantor Lacks Standing Under the Equal Credit Opportunity Act

Bilzin Sumberg on

Late last month, the U.S. Court of Appeals for the Eleventh Circuit held in Regions Bank v. Legal Outsource PA, No. 17-11736, 2019 WL 4051703 (11th Cir. Aug 28, 2019), that a loan guarantor does not qualify as an “applicant”...more

Hudson Cook, LLP

Washington Regulator Interprets SCRA Scope Broadly

Hudson Cook, LLP on

The Servicemembers Civil Relief Act offers servicemembers financial protections, including the ability to have interest rates reduced to 6%, when a servicemember is called to active duty after entering into a credit...more

Ballard Spahr LLP

ABA identifies various industry concerns in fair lending white paper submitted to Treasury Secretary

Ballard Spahr LLP on

We previously reported on the Executive Order 13772 titled “Core Principles for Regulating the United States Financial System,” which is a high-level policy statement consisting of a series of Core Principles that are...more

Ballard Spahr LLP

CFPB to hold May 10 field hearing on small business lending

Ballard Spahr LLP on

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

Ballard Spahr LLP

CFPB identifies 2017 priorities in annual fair lending report

Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

Manatt, Phelps & Phillips, LLP

DOJ Drives ECOA Settlement With Bank Over Vehicle-Secured Loans

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

41 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide