Mortgages, Regulation B

Seventh Circuit Reverses District Court Decision, Expands ECOA to Include Prospective Applicants

Troutman Pepper on 7/15/2024

As discussed here, on February 3, 2023, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB or Bureau) in 2020 against Townstone Financial, Inc., a Chicago mortgage lender, for...more

9 Consumer Finance Issues to Note From CFPB Report

Troutman Pepper on 12/15/2023

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

Oral Arguments Held in CFPB v. Townstone Financial Case

Ballard Spahr LLP on 12/14/2023

On December 8, 2023, oral arguments were held before a three judge panel of the U.S. Court of Appeals for the Seventh Circuit in the CFPB v. Townstone Financial case, in which the CFPB alleges that Townstone Financial, a...more

DOJ Redlining Consent Order With Ameris Bank

Ballard Spahr LLP on 10/30/2023

Recently the U.S. Department of Justice (DOJ) entered into a proposed consent order with Ameris Bank to resolve allegations of redlining from 2016 through 2021 in majority Black and Hispanic areas in the Bank’s Jacksonville,...more

DOJ Settles Redlining Claims in Rhode Island

Ballard Spahr LLP on 10/24/2023

The Department of Justice (DOJ) announced a settlement agreement with Washington Trust Company, of Westerly (WTC) to resolve claims that WTC redlined majority Black and Hispanic neighborhoods in Rhode Island....more

Nutter Bank Report: September 2023

Nutter McClennen & Fish LLP on 9/28/2023

The CFPB has published guidance about compliance with Regulation B, which implements the Equal Credit Opportunity Act (ECOA), when lenders deliver denial notices based on underwriting decisions using artificial intelligence...more

Trade Associations File Amici Brief Supporting Townstone Financial’s Position on ECOA Scope

Ballard Spahr LLP on 8/25/2023

The Mortgage Bankers Association and Housing Policy Council (the “Associations”) recently filed an Amici Curiae brief supporting the position of Townstone Financial regarding the scope of the Equal Credit Opportunity Act...more

Townstone Mortgage files brief with Seventh Circuit in CFPB appeal from district court ruling that ECOA only applies to applicants

Ballard Spahr LLP on 8/23/2023

Townstone Mortgage (Townstone) has filed its brief in the CFPB’s appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone. In the...more

CFPB Summer 2023 Supervisory Highlights looks at auto origination and servicing, consumer reporting, debt collection, deposits,...

Ballard Spahr LLP on 7/31/2023

The CFPB has released the Summer 2023 edition of Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage...more

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

Sheppard Mullin Richter & Hampton LLP on 2/20/2023

On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more

District Court dismisses CFPB redlining action against nonbank lender

Orrick, Herrington & Sutcliffe LLP on 2/3/2023

On February 3, the U.S. District Court for the Northern District of Illinois dismissed with prejudice claims that a Chicago-based nonbank mortgage company and its owner violated ECOA by engaging in discriminatory marketing...more

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

Cozen O'Connor on 10/29/2021

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

CFPB Addresses Rescission And TRID Rule Waiting Periods And Changed Circumstances In View Of COVID-19

Ballard Spahr LLP on 4/30/2020

On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) announced an interpretive rule addressing the waiting periods under the Regulation Z right to rescind provisions and the TRID rule in view of COVID-19, and...more

CFPB Winter 2020 Supervisory Highlights looks at debt collection, mortgage servicing, payday lending, student loan servicing

Ballard Spahr LLP on 2/18/2020

The CFPB has released the Winter 2020 edition of its Supervisory Highlights. The report discusses the Bureau’s examinations findings in the areas of debt collection, mortgage servicing, payday lending, and student loan...more

CFPB Finalizes Alignment of Regulations B and C on Consumer Ethnicity and Race Information

Ballard Spahr LLP on 10/2/2017

On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

CFPB finalizes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

Ballard Spahr LLP on 9/22/2017

On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

CFPB identifies 2017 priorities in annual fair lending report

Ballard Spahr LLP on 4/20/2017

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

CFPB proposes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

Ballard Spahr LLP on 3/30/2017

On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

CFPB approves FHLMC/FNMA revised uniform residential loan application; collection of HMDA ethnicity and race information in 2017

Ballard Spahr LLP on 9/30/2016

In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded...more

Mortgages › Regulation B