Legislation introduced on September 15, 2022 by Maxine Waters (D-Cal.), chair of the House Committee on Financial Services, would significantly revise the Community Reinvestment Act (CRA), adding a number of new substantive...more
The Biden administration has moved quickly on its promise to take a more aggressive approach to pursuing actions against consumer financial services companies. Though the administration has implemented some concrete policy...more
Since the Paycheck Protection Program (PPP) of loans guaranteed by the Small Business Administration (SBA) was originally rolled out on April 3, 2020, some advocates have expressed disappointment that Congress did not...more
5/19/2020
/ Compliance ,
Coronavirus/COVID-19 ,
ECOA ,
Fair Access to Credit ,
Fair Lending ,
Minority-Owned Businesses ,
OCC ,
Paycheck Protection Program (PPP) ,
Risk Assessment ,
Risk Mitigation ,
SBA ,
Small Business Loans
Year In Review -
Anand Raman, the head of Skadden’s Consumer Financial Services (CFS) practice, began the conference by providing a summary of notable events and trends over the past year relating to consumer financial...more
5/13/2020
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Products ,
Digital Markets Strategy ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Lenders ,
Loss Mitigation ,
Machine Learning ,
Moratorium ,
Mortgage Lenders ,
No-Action Letters ,
Paycheck Protection Program (PPP) ,
Professional Conferences ,
Risk Assessment ,
Risk Mitigation ,
SBA ,
UDAAP
In August 2019, the U.S. Department of Housing and Urban Development (HUD) proposed rulemaking that potentially would make it harder to bring disparate impact discrimination claims under the Fair Housing Act. The proposed...more
1/28/2020
/ Affirmative Defenses ,
Artificial Intelligence ,
Big Data ,
Burden of Proof ,
Burden-Shifting ,
Business Justification ,
Causation ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Federal Pleading Requirements ,
Housing Discrimination ,
HUD ,
Proposed Rules ,
Texas Dept of Housing v Inclusive Communities ,
Third-Party Service Provider
A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more
1/31/2018
/ Ability-to-Repay ,
Administrative Agencies ,
Administrative Appointments ,
Arbitration Agreements ,
Congressional Budget Office ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
GAO ,
Mortgage Servicers ,
Payday Lending Rule ,
Payday Loans ,
Payment Processors ,
Presidential Appointments ,
RESPA ,
Restitution ,
Richard Cordray ,
Trump Administration ,
Unfair or Deceptive Trade Practices
How consumer financial services providers can meet the needs of a growing population of "limited English proficiency" (LEP) consumers without running afoul of laws prohibiting deceptive practices and discrimination has...more
In recent years, the Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) have increased fair lending enforcement under the disparate impact theory of liability. This term, however, the U.S. Supreme...more
1/30/2015
/ Age Discrimination ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
DHCA v Inclusive Communities Project ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
HUD ,
LIHTC ,
Public Housing Authorities ,
Race Discrimination ,
SCOTUS ,
Strategic Enforcement Plan
Having enacted a number of mortgage-related rules on the eve of statutory deadlines, the Consumer Financial Protection Bureau (CFPB), which now has a confirmed director, has shifted its focus to fair lending enforcement,...more