The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more
7/11/2016
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
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
7/6/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
ECOA ,
EFTs ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Mortgage Loan Originators ,
Mortgages ,
Regulation B ,
Regulation V ,
Regulation X ,
Regulation Z ,
RESPA
The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives:
Arbitration. The Spring 2016 agenda does not...more
5/27/2016
/ Arbitration ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Debt Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Mortgages ,
Online Marketplace Lending ,
Overdraft Fees ,
Payday Loans ,
Popular ,
Prepaid Payment Products ,
Rulemaking Process ,
Small Business ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives:
Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more
5/23/2016
/ Arbitration ,
Arbitration Agreements ,
CFPB Bulletins ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Mortgages ,
NPRM ,
Overdraft Fees ,
Payday Loans ,
Prepaid Payment Products ,
Service Contracts ,
Small Business ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has issued a report covering its fair lending activities during 2015. The report states that in 2015, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $108...more
5/3/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
HUD ,
Memorandum of Understanding ,
Mortgage Lenders ,
Mortgages ,
Reporting Requirements
The D.C. district court recently granted two industry trade associations whose members sell homeowners insurance leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule...more
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
4/14/2016
/ Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Lending ,
Minority-Owned Businesses ,
Small Business ,
Women-Owned Businesses
Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more
4/8/2016
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Finance Lease Contract ,
Lending ,
No-Action Letters ,
Richard Cordray ,
Senate Banking Committee ,
Small Business
Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the...more
3/18/2016
/ Automotive Loans ,
Class Action Arbitration Waivers ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Payment Systems ,
Prepaid Payment Products ,
Richard Cordray ,
Rulemaking Process ,
TILA-RESPA Integrated Disclosure Rule (TRID)
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
A new FTC report, “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws. In the...more
We recently blogged about remarks made by Patrice Ficklin, Director of the CFPB’s Office of Fair Lending, at the American Bar Association’s Consumer Financial Services Institute. In her remarks, she stated that the CFPB is...more
Wednesday, by a vote of 332-96, the House of Representatives passed H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” which would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and...more
The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.” According to the job posting, the Assistant...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
10/9/2015
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Residential Real Estate Market
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
9/28/2015
/ Banking Sector ,
Banks ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CRA ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Investigations ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining ,
Statistical Analysis
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
9/1/2015
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Committee ,
Lenders ,
Minority-Owned Businesses ,
Public Entities ,
Public-Private Entities ,
Regulation B ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more
8/11/2015
/ Affordable Housing ,
American Bankers Association ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Institutions ,
HUD ,
Interagency Agreement ,
OCC ,
Pattern or Practice ,
Real Estate Market ,
Residential Real Estate Market ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal...more
We recently blogged about an American Banker article written by officials of three community groups that urged President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small...more
A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more
The CFPB has announced that its FY 2014 service contract inventory is available for public viewing. The inventory provides information on service contracts over $25,000 funded by the CFPB in FY 2014. In addition to the...more
The CFPB, together with the Solicitor General, has submitted an amicus brief in Hawkins v. Community Bank of Raymore, the case in which the question before the U.S. Supreme Court is whether the Equal Credit Opportunity Act...more
The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more
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