News & Analysis as of

Regulation B Equal Credit Opportunity Act

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 May Rely on New Employment Discrimination Case in Fair Lending Context

by Ballard Spahr LLP on

The CFPB may seek to rely on a recent Seventh Circuit employment discrimination case to support its view that the Equal Credit Opportunity Act’s (ECOA’s) prohibition against discrimination on the basis of “sex” includes...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

Loan Enforcement and Creditors’ Rights

by Polsinelli on

At times, lenders lose the promissory notes on defaulted loans. Lost notes are problematic because, in order to have standing to foreclose, a lender may be required in many states, including in New York, to possess the...more

Supreme Court Decision Fails to Provide Clarity on ECOA Claims

by Polsinelli on

On March 22, 2016, the U.S. Supreme Court issued its first 4-4 decision following the death of Justice Antonin Scalia, thereby affirming the 8th Circuit in Hawkins v. Community Bank of Raymore. The Court’s per curiam opinion...more

Split Supreme Court Affirms Eighth Circuit Equal Credit Opportunity Act Ruling

by McGuireWoods LLP on

“The judgment is affirmed by an equally divided Court.” One sentence, published by the United State Supreme Court on March 22, 2016 sealed the fate of two plaintiffs seeking to expand protections under the Equal Credit...more

Supreme Court's Four-to-Four Decision in Hawkins v. Community Bank of Raymore Leaves Open Question About Application of Equal...

by Baker Donelson on

In its first evenly split vote since the death of Justice Scalia, the U.S. Supreme Court last week affirmed an Eighth Circuit Court of Appeals ruling in Hawkins v. Community Bank of Raymore that spouses who guarantee...more

Supreme Court Affirmation of Hawkins Case Raises More Questions Than It Answers

by Morrison & Foerster LLP on

On March 22, 2016, the Supreme Court of the United States issued an order in Hawkins v. Community Bank of Raymore. An evenly divided Court affirmed the Eighth Circuit decision without issuing an opinion, thereby resolving...more

Divided Supreme Court Results in Non-Uniform Application of Reg B

by Bryan Cave on

In what goes for kicking the can down the road at the Supreme Court, the Court has evenly split on an appeal arising from the Eight Circuit Court of Appeals decision in Hawkins v. Community Bank of Raymore, 761 F3d 937 (CA8...more

Loan Guarantors Are Not ''Applicants'' under ECOA, Equally Divided U.S. Supreme Court Affirms

by Ballard Spahr LLP on

An equally divided U.S. Supreme Court has affirmed the Eighth Circuit's decision in Hawkins v. Community Bank of Raymore, which upheld a federal district court ruling that the Equal Credit Opportunity Act (ECOA) does not...more

SUPREME COURT DECISION COMPLICATES SPOUSAL GUARANTY RULES EVEN FURTHER

by Balch & Bingham LLP on

The U.S. Supreme Court recently split 4-4 in Hawkins v. Community Bank of Raymore, leaving unsettled the question of the enforceability of the “spousal guaranty” rule under federal Regulation B, and for now letting the...more

US Supreme Court Fails to Resolve Guarantors’ Status Under ECOA

by Lane Powell PC on

On March 22, in an Equal Credit Opportunity Act (ECOA) case that was closely followed and highly anticipated, the U.S. Supreme Court (in a four-to-four vote) failed to issue a definitive ruling regarding whether Regulation B...more

Guarantor Standing Under Reg. B Unresolved After Hawkins v. Community Bank of Raymore

by Stinson Leonard Street on

“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court case of Hawkins v. Community Bank of Raymore, Case No. 14-520 came to an end. The first 4-4 decision from the Court since the...more

U.S. Supreme Court Affirms Decision Excluding Guarantors from ECOA Protection

by Lathrop Gage on

4-4 Decision Keeps Issue Unresolved Outside of 8th Circuit - On March 22, 2016, the U.S. Supreme Court affirmed the decision of the 8th Circuit Court of Appeals in favor of Lathrop & Gage LLP client Community Bank of...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

U.S. Supreme Court to Hear Banking Case on October 5

by Lathrop Gage on

On July 29, 2015, the United States Supreme Court announced that it will hear argument in Hawkins. v. Community Bank of Raymore on October 5, 2015. Lathrop & Gage LLP client Community Bank of Raymore (CBR) is represented by...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

Supreme Court to Determine Whether ECOA Allows Spousal Guarantors to Challenge Liability

by Morrison & Foerster LLP on

On March 2, 2015, the Supreme Court of the United States granted certiorari in Hawkins v. Cmty. Bank of Raymore, 761 F.3d 937 (8th Cir. 2014), cert. granted, No. 14-520, 2015 U.S. LEXIS 1635 (U.S. Mar. 2, 2015)—on appeal from...more

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