On December 4, 2022, the OCC issued a final rule that rescinds its June 2020 Consumer Reinvestment Act (CRA) final rule and replaces it with a rule that is largely based on the OCC’s 1995 CRA rule that was adopted jointly...more
The Biden Administration’s prioritization of fair lending as a law enforcement focus took center stage last week with the announcement that the U.S. Department of Justice (DOJ) has launched a new initiative targeting...more
Two leaders of the CFPB’s Fair Lending Office – Patrick Ficklin, Fair Lending Director, and Charles Nier, Senior Fair Lending Counsel – recently published an article advocating for broader use of special purpose credit...more
The fate of the OCC’s Community Reinvestment Act (“CRA”) final rule, issued on May 20, 2020, hangs in the balance following the inauguration of President Biden on January 20 and the resignation of former Acting Comptroller...more
Since early June 2020 when cries for racial justice resulted in a period of social unrest in the U.S., federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial...more
8/21/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Opportunity Zones ,
Race Discrimination ,
Request For Information
Recently, the federal banking regulators issued four new sets of examination procedures. The OCC issued two significant examination booklets on sampling methodologies and UDAP/UDAAP, and the federal banking regulators,...more
8/4/2020
/ Banking Regulators ,
Banking Sector ,
CARES Act ,
Comptroller ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Examination Procedures ,
Financial Institutions ,
FRB ,
FTC Act ,
UDAAP ,
UDAP
On July 28, 2020, the CFPB issued a request for information (“RFI”) seeking public input on how best to create a regulatory environment that expands access to credit and ensures consumers and communities are protected from...more
7/31/2020
/ Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Enforcement Authority ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Public Comment ,
Regulation B ,
Request For Information