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DOJ and North Carolina Attorney General Reach $13.5M Settlement in Discriminatory Lending Case

On February 5, the DOJ and North Carolina’s attorney general announced a $13.5 million settlement deal with a large regional bank over redlining allegations....more

FTC Settles with Cash-Advance Fintech for Alleged Deceptive and Discriminatory Practices

On January 23, the FTC entered into a settlement agreement with a cash-advance fintech app for $3 million over violations of the FTC Act, the Restore Online Shoppers’ Confidence Act (ROSCA), and ECOA....more

FTC and Wisconsin DOJ Agree to $1.1M Settlement with Auto Dealers over Unlawful Junk Fees and Discrimination Against American...

On October 24, the FTC and the Wisconsin Department of Justice (DOJ) announced a $1.1 million settlement with a group of Wisconsin auto dealers for allegedly charging customers illegal junk fees and unlawfully discriminating...more

CFPB, DOJ Joint Statement: Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit...

On October 12, the CFPB and DOJ issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics...more

CFPB Statement of Interest Highlights Focus on Discriminatory Access to Credit

On April 14, the CFPB filed a statement of interest in a case currently pending before the United States District Court for the Southern District of Florida in an attempt “to help protect consumers from discriminatory...more

FTC Provides CFPB with Letter on ECOA

On February 9, the FTC provided the CFPB and the Federal Reserve Board with its annual letter that summarizes its activities enforcing the ECOA and its implementing regulation, Regulation B, in the prior year. The FTC is in...more

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more

CFPB, DOJ Propose $22 Million Penalty Against Nonbank Mortgage Lender for Illegal Redlining

On July 27, the CFPB and DOJ proposed a settlement with a nonbank mortgage lender for its discriminatory “redlining” lending practices against minority families living in the greater Philadelphia area...more

CFPB Affirms Compliance with ECOA Adverse Action Notice Requirements

On May 26, the CFPB published a circular affirming that federal anti-discrimination laws require companies to explain to consumers the specific reason a credit application was denied, even if the creditor is relying on...more

CFPB Affirms that ECOA Protects Consumers After Receiving Credit

On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more

FTC Imposes Record-Setting $10M Fine Against Multistate Auto Dealer, Settling Charges of Racial Discrimination and Unauthorized...

On March 31, the FTC and Illinois State Attorney General announced a settlement of charges against a large, multistate auto dealer that allegedly discriminated against black consumers and included illegal junk fees for...more

Regulation by Definition: CFPB Broadens Definition of “Unfairness” to Rein in Discrimination

In a significant move, the CFPB announced on March 16 a revision to its supervisory operations to address discrimination outside of the traditional fair lending context, with future plans to scrutinize discriminatory conduct...more

Federal Agencies Issue Interagency Statement on Special Purpose Credit Programs Under ECOA, Regulation B

On February 23, eight federal agencies including the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA issued an interagency statement to remind creditors of the ability under the ECOA and Regulation B to...more

CFPB Closes Online Lending Fintech for Violating ECOA and CFPB Consent Order

On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated the Equal Credit Opportunity Act...more

CFPB, DOJ and OCC Take Action Against National Bank for Alleged Redlining

The CFPB and DOJ, in cooperation with the OCC, filed a complaint and proposed consent order last week in the Western District of Tennessee against a national bank alleging that the bank violated the Fair Housing Act (FHA),...more

CFPB Sues Online Lender for Alleged Violations 2016 Consent Order

The CFPB recently filed a complaint against an online installment and single-payment lender alleging that it violated the terms of a 2016 consent order that previously required the company to pay millions in consumer redress...more

CFPB Issues Proposed Rule Under Section 1071 of Dodd-Frank to Collect Small Business Lending Data

On September 1, the CFPB issued a Notice of Proposed Rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act, which amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and...more

CFPB To Issue Data Collection Regulations for Small Business Lenders in September

The U.S. District Court for the Northern District of California recently issued an order setting September 30 as the deadline for the CFPB to issue a notice of proposed rulemaking (NPRM) on small business lending data based...more

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