Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court...more
On December 19, President Biden vetoed the joint resolution (S. J. Res. 32) the US Senate and House of Representatives passed under the Congressional Review Act that would have repealed the CFPB’s small business data...more
Welcome to this week's issue of AI: The Washington Report, a joint undertaking of Mintz and its government affairs affiliate, ML Strategies. The accelerating advances in artificial intelligence (“AI”) and the practical,...more
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
On February 9, the FTC provided the CFPB and the Federal Reserve Board with its annual letter that summarizes its activities enforcing the ECOA and its implementing regulation, Regulation B, in the prior year. The FTC is in...more
The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B. The new letter reports on the FTC’s activities in 2022. The Bureau...more
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
Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees - The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more
The CFPB has published its Spring 2021 rulemaking agenda as part of the Spring 2021 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the “new CFPB’s” first rulemaking agenda during the Biden...more
Over the past year, our focus as a country and around the world has made a seismic shift toward equality, diversity, and inclusion. In some ways, the financial services industry (at least big banks) had already moved...more
Last year, the CFPB issued a notice and request for information on the Equal Credit Opportunity Act (ECOA) and Regulation B. Specifically, the CFPB sought “comments and information to identify opportunities to prevent credit...more
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
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
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
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
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
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
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
On January 18, 2013, the Consumer Financial Protection Bureau (CFPB) issued a final rule (the Appraisal Rule) implementing an amendment to the Equal Credit Opportunity Act (ECOA) that revises Regulation B’s provisions...more