On February 4, 2022, the FTC 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 Bureau includes the FTC’s annual letter in its own...more
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
Yesterday, eight federal agencies joined together to issue an “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (Interagency Statement). The agencies consist...more
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
During May 2021, the federal Government Accountability Office (“GAO”) issued a report (GAO-21-393) containing findings from its review of issues related to the CFPB’s oversight and enforcement of the Equal Credit Opportunity...more
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
Under the leadership of Acting CFPB Director Dave Uejio, the Bureau issued an interpretive rule on March 9, 2021 clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (“ECOA”) and...more
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
Last week, HUD’s Acting Assistant Director for Fair Housing and Equal Opportunity issued a memorandum directing HUD’s Office of Fair Housing and Equal Opportunity to take a series of actions “to administer and fully enforce...more
On January 26, 2021, the FTC 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 Bureau leverages the FTC’s annual letter for its own...more
On December 21, 2020, the CFPB issued an advisory opinion that addresses regulatory uncertainty related to certain aspects of special purpose credit programs (“SPCPs”) designed and implemented by for-profit organizations. The...more
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
9/21/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Proposed Rules ,
Regulatory Requirements ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
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
The CFPB has extended by 60 days the comment period for its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are...more
8/20/2020
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Discrimination ,
Creditors ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulation B ,
Request For Information
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
On May 6, 2020, the CFPB issued an ECOA/Regulation B “Compliance Aid” containing three FAQs that clarify certain issues related to notification of action taken on Small Business Administration (“SBA”) Paycheck Protection...more