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CFPB files brief with Seventh Circuit in appeal from district court ruling In Townstone Mortgage that ECOA only applies to...

The CFPB has filed its opening brief in its appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone).  In the case,...more

FTC provides annual report to CFPB on 2022 activities regarding Financial Acts and issues 2022 annual report on refunds

The Federal Trade Commission has provided its annual report to the CFPB on its enforcement and related activities in 2022 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act...more

CFPB speaks to ECOA and small business lending rule coverage of franchise financing

The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance...more

CFPB pushes the ECOA coverage envelope again

The CFPB has filed a Statement of Interest in a case pending before a Florida federal district court in which the plaintiffs allege that the defendant engaged in discriminatory targeting in violation of the Equal Credit...more

CFPB makes updates and corrections to CFPB and other federal agency contact information in ECOA and FCRA notices

On March 20, 2023, the CFPB published a final rule in the Federal Register that makes non-substantive corrections and updates to CFPB and other federal agency contact information found in various regulations, including the...more

CFPB and DOJ file statement of interest in lawsuit alleging lender violated ECOA and FHA by denying loan based on appraisal...

The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have filed a Statement of Interest regarding the application of the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) to a...more

FTC issues annual ECOA report to CFPB (UPDATED)

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

DOJ announces settlement of redlining lawsuit

The Justice Department announced that it has entered into an agreement with Lakeland Bank to settle the DOJ’s claims that Lakeland engaged in unlawful redlining in the Newark, New Jersey metropolitan area. The DOJ’s lawsuit...more

CFPB agrees to March 31, 2023 deadline for Section 1071 final rule

The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA, subject to rules adopted by the...more

CFPB issues new circular on application of ECOA adverse action notice requirements to credit decisions using algorithms 

Under Director Chopra’s leadership, the CFPB has regularly been sounding alarms about the potential for discrimination arising from the use of so-called “black box” credit models that use algorithms or other artificial...more

CFPB issues annual fair lending report (UPDATED)

The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. ...more

CFPB issues advisory opinion affirming ECOA’s application to existing borrowers

The CFPB has issued a new advisory opinion “to affirm that the Equal Credit Opportunity Act (ECOA) and Regulation B protect those actively seeking credit and those who sought and received credit.”...more

CFPB Files Another Status Report in Section 1071 Rulemaking Lawsuit; Republican Lawmakers Send Letter to Director Chopra on...

On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset...more

CFPB files another status report in Section 1071 rulemaking lawsuit; Republican lawmakkers send letter to Director Chopra on...

On February 22, 2022, the CFPB filed its eighth status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset...more

CFPB/ FTC/DOJ/Federal Reserve Board file joint amicus brief arguing consumers not applying for credit are “applicants” under ECOA

The CFPB, FTC, DOJ, and Federal Reserve Board have filed a joint amicus brief in the U.S. Court of Appeals for the Seventh Circuit urging the court to reverse a district court ruling that an individual who had already...more

CFPB Section 1071 proposed rule on small business lending data collection published in Federal Register

More than a month after it was issued, the CFPB’s notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act was published in the Federal Register on Friday, October 8. Section 1071 amended the ECOA...more

CFPB issues Section 1071 proposed rule on small business lending data collection

The CFPB has issued a notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection...more

CFPB files another status report in Section 1071 rulemaking lawsuit

The CFPB has filed its fifth status report with the California federal district court as required by the Stipulated Settlement Agreement (Agreement) in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay...more

Third Circuit holds ECOA does not preempt NJ’s doctrine of necessaries and affirms dismissal of FDCPA claims

The U.S. Court of Appeals for the Third Circuit has held that the Equal Credit Opportunity Act does not preempt New Jersey’s common-law doctrine of necessaries whereby a spouse is jointly liable for necessary expenses...more

3/18/2021  /  Debt Collection , ECOA , FDCPA , Preemption

CFPB files another status report in Section 1071 lawsuit

The CFPB has filed its fourth status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more

CFPB releases Section 1071 SBREFA outline

The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more

CFPB 2020 Fair Lending Report Highlights Adverse Action Notices When Using Artificial Intelligence

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register.  While most of the report recycles information about which we have previously blogged, it does...more

FTC sends annual ECOA report to CFPB

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. ...more

HUD publishes proposed revisions to disparate impact rule

HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register.  Comments on the proposal are due on or before October 18, 2019. ...more

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