News & Analysis as of

Regulation B Consumer Financial Protection Bureau

CFPB identifies 2017 priorities in annual fair lending report

by 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

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

by Ballard Spahr LLP on

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

FTC sends 2016 ECOA report to CFPB

by Ballard Spahr LLP on

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has authority to enforce the ECOA and Reg B as to...more

SCOTUS Grimm decision could impact CFPB position on ECOA protection for gender identity and sexual orientation

by Ballard Spahr LLP on

On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more

CFPB Forgoes Traditional Rulemaking Process in Announcing that the Equal Credit Opportunity Act and Regulation B Prohibit...

by Morrison & Foerster LLP on

Richard Cordray, director of the Consumer Financial Protection Bureau (“CFPB”), issued a letter dated August 30, 2016 (“Cordray Letter”), expressing the CFPB’s views on whether credit discrimination on the basis of gender...more

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

by Ballard Spahr LLP on

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

CFPB issues Summer 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

FTC sends 2015 ECOA report to CFPB

by Ballard Spahr LLP on

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has authority to enforce the ECOA and Reg B as to...more

U.S. Supreme Court Hears Oral Arguments in Case to Decide Whether Loan Guarantors Are “Applicants” Under ECOA

by Ballard Spahr LLP on

Earlier this week the Supreme Court heard oral arguments in the case of Hawkins v. Community Bank of Raymore. We have issued an E-alert discussing this important case, which we expect will resolve whether a spouse-guarantor...more

U.S. Supreme Court Hears Oral Arguments in Case to Decide Whether Loan Guarantors Are “Applicants” Under ECOA

by Ballard Spahr LLP on

The U.S. Supreme Court heard oral arguments on Monday in the case of Hawkins v. Community Bank of Raymore, the result of which will determine whether a spousal guarantor is an “applicant” under the Equal Credit Opportunity...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

CFPB Finalizes Automobile Finance Larger Participant Rule and Publishes Examination Procedures

by WilmerHale on

On June 10, 2015, the Consumer Financial Protection Bureau (CFPB) announced a final rule that will allow it to supervise larger nonbank automobile finance companies. Accompanying the rule, it also published the procedures...more

Winter 2015 Supervisory Haiku-lights

by MoFo Reenforcement on

Spring has sprung, technically speaking, but Old Man Winter is dragging his feet on the way out here on the East Coast. Maybe he was hanging around waiting for the Winter 2015 edition of Supervisory Highlights, which came out...more

FTC sends ECOA report to CFPB

by Ballard Spahr LLP on

The FTC recently sent a letter to the CFPB reporting on the FTC’s 2014 activities related to compliance with the Equal Credit Opportunity Act and Regulation B. Although the FTC has authority to enforce the ECOA and Reg B as...more

Implementing Regulation B Spousal Signature Provisions

by Polsinelli on

The Equal Credit Opportunity Act and its implementing rule, Regulation B, prohibit any creditor from discriminating based on sex or marital status, among other protected statuses. All the federal banking agencies are involved...more

CFPB issues bulletin on consideration of public assistance income in credit decisions

by Ballard Spahr LLP on

The CFPB has issued a new bulletin (Bulletin 2014-03) that is intended “to remind creditors” of their ECOA/Regulation B obligations with respect to consideration of public assistance income and relevant standards and...more

Disparate impact cases against HUD: Illinois federal court issues decision; update on D.C. case

by Ballard Spahr LLP on

Because of their potential impact on the CFPB’s conclusion that the ECOA and Regulation B encompass disparate impact claims, we have been following two insurance industry lawsuits involving a challenge to HUD’s Federal...more

Did the CFPB Run a Stop Sign?

by Ballard Spahr LLP on

As we previously reported, last Friday House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter to CFPB Director Richard Cordray asking for a response by March 13 to specific questions about the...more

House Financial Services Committee Chairman to CFPB on Indirect Auto Investigations: Slow Down. Pull Over. And Show Us Some ID.

by Ballard Spahr LLP on

Since last March, when the CFPB issued Bulletin No. 2013-02, its highly controversial release warning banks and finance companies that purchase motor vehicle installment sales contracts that, under existing law, any dealer...more

Automobile Dealer Trade Group Issues Guidance In Response to Recent CFPB Enforcement Action

by Goodwin on

In response to a recent joint enforcement action by the CFPB and Department of Justice alleging violations of the Equal Opportunity Credit Act, and its implementing regulation, Regulation B, the National Automobile Dealers...more

CFPB Issues Final Rules Amending Regulations B, X and Z to Clarify and Amend Earlier Dodd-Frank Rules

by Williams Mullen on

On July 2, 2013, the Consumer Financial Protection Bureau (the “Bureau”) published proposed rules and a request for public comment in the Federal Register to amend certain of its final mortgage rules contained in Regulation X...more

CFPB Fair Lending Guidance for Indirect Auto Lenders—It’s Not Just About Cars

by Morrison & Foerster LLP on

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

New Risks for Indirect Lenders

by Foley & Lardner LLP on

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

More Paper? CFPB Revamps Disclosure and Delivery Requirements for Valuations under ECOA

by K&L Gates LLP on

Come January 2014, creditors will be required to equip borrowers with more information on how the value of the borrower’s home is determined, even if the creditor doesn’t use that information in making its lending decision....more

So this is what the CFPB means about leveling the playing field?

by Ballard Spahr LLP on

My colleague, Chris Willis, posted his reaction to CFPB Bulletin 2013-02, which provides guidance as to how the CFPB will apply ECOA and Reg B to dealer rate participation in the auto finance business. Except for Chris’...more

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