News & Analysis as of

Minority-Owned Businesses

Guest Post: CFPB Issues Request for Information Regarding Small Business Lending

The CFPB has issued a Request for Information (RFI) to collect data that will shed light on how small businesses engage with financial institutions, with a particular focus on women-owned and minority-owned small businesses....more

CFPB conducts small business field hearing and issues related white paper and request for information

by Ballard Spahr LLP on

Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more

House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

by Ballard Spahr LLP on

Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more

CFPB’s Office of Minority and Women Inclusion issues annual report

by Ballard Spahr LLP on

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its annual report to Congress covering the OMWI’s activities in FY 2016. The Dodd-Frank Act required the CFPB and various other federal agencies, including...more

Director Corday’s appearance before House Committee: strong on theater, weak on substance

by Ballard Spahr LLP on

Despite its long duration (over five hours including a recess for a vote), the House Financial Services Committee’s hearing on April 5 at which Director Cordray was the sole witness provided a strong dose of political theater...more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

CFPB seeking information on use of alternative data in credit process, including by small business lenders

by Ballard Spahr LLP on

The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process. According to the CFPB, the RFI stems from the Bureau’s desire...more

CFPB releases annual employee survey results, 2016-2020 Diversity and Inclusion Strategic Plan

by Ballard Spahr LLP on

The CFPB released two items at year-end:  the results of its 2016 annual employee survey and its updated Diversity and Inclusion Strategic Plan (Strategic Plan) for 2016-2020....more

CFPB Fall 2016 rulemaking agenda published

by Ballard Spahr LLP on

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Ballard Spahr Partner Dee Spagnuolo Joins CFPB OMWI Director on Panel at ABA Meeting

by Ballard Spahr LLP on

Ballard Spahr Partner Dee Spagnuolo joined Director Stuart Ishimaru of the CFPB’s Office of Minority and Women Inclusion and other industry leaders for the panel discussion "Diversity and Dodd-Frank Section 342," on September...more

CEO of World Trade Center contractor found guilty of fraud by misstating compliance with Port Authority’s minority- and...

by Dorsey & Whitney LLP on

Public entities at the Federal, state, and local levels set aside contracting opportunities, provide preferential price treatment, or otherwise grant favorable treatment to contractors (1) owned by veterans, women,...more

Portuguese-Owned Construction Firms No Longer Certifiable as Minority-Owned Businesses in Massachusetts

by Robinson & Cole LLP on

In the wake of a recent Superior Court decision in Massachusetts, the Commonwealth no longer recognizes Portuguese-owned construction firms as minority-owned businesses (MBEs). Massachusetts General Laws ch. 7C sec. 6...more

CFPB's Office of Minority and Women Inclusion Issues Annual Report

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB)'s Office of Minority and Women Inclusion (OMWI) has issued its third annual report to Congress covering the OMWI's activities in 2015. The Dodd-Frank Act required the CFPB and...more

CFPB’s Office of Minority and Women Inclusion issues annual report

by Ballard Spahr LLP on

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its third annual report to Congress covering the OMWI’s activities in 2015. The Dodd-Frank Act required the CFPB and various other federal agencies,...more

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

by Ballard Spahr LLP on

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more

MBE Eligibility in Maryland

by Pessin Katz Law, P.A. on

Q: How does a minority-owned business become eligible for certification as a minority business enterprise (MBE) in the State of Maryland? A: A minority-owned business seeking certification as an MBE in the State of...more

State-Assisted Public School Projects Subject to Set-Aside and Non-Discrimination Requirements

by Shipman & Goodwin LLP on

Effective as of October 1, 2015, Connecticut’s set-aside requirements for small contractors and minority-owned business enterprises, as well as Connecticut’s statutory non-discrimination and affirmative action requirements,...more

No Good Public Policy Goes Unpunished: Superior Court Challenge to Utility's Implementation of CPUC General Order 156 Moves...

by Nossaman LLP on

The California Public Utilities Commission (“CPUC”) is a state agency vested with considerable constitutional and statutory powers. Historically, the CPUC has wielded these powers primarily in pursuit of its traditional...more

Construction Law Advisory - October 2015

by Saul Ewing LLP on

The Massachusetts Attorney General is taking action to ensure that general contractors working on public construction are complying with state requirements to use DBE/MBE subcontractors. In August 2015, the Attorney...more

Third Circuit Decision Could Have Broad Implications For Sentencing In Federal Fraud Cases

Last week, the Third Circuit issued a decision that could have major ramifications for sentencing in federal fraud cases. United States v. Nagle dealt with a fraud perpetrated against the Department of Transportation’s...more

Attorney General Crackdown on DBE/MBE Representations in Subcontracts

by Saul Ewing LLP on

The Massachusetts Attorney General is taking action to ensure that general contractors working on public construction are complying with state requirements to use DBE/MBE subcontractors....more

84 House members urge expedited CFPB action on small business lending data collection rules

by Ballard Spahr LLP on

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

New Citywide Construction Fraud Task Force Promises Tough Enforcement

by Bracewell LLP on

On August 5th, the Manhattan District Attorney (the "DA’s Office") announced the formation of a multi-agency Citywide Construction Fraud Task Force that will be spearheaded by prosecutors from the office. Its mission is...more

House Financial Services Committee passes CFPB-related bills including bill creating TRID Rule hold harmless period

by Ballard Spahr LLP on

On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more

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