Traditional credit underwriting methods, which are generally based on credit reports, have not always successfully captured the full picture of a borrower’s ability to repay. It is estimated that more than 45 million US...more
A group of eleven Republican Senators who are members of the Senate Banking Committee have sent a letter to CFPB Director Rohit Chopra and Attorney General Merrick Garland to urge the CFPB and DOJ to retract the joint...more
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
Last week, the U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) (collectively, the agencies) issued a joint statement on the subject of creditors’ use of immigration status for eligibility...more
A federal District Court judge in Nevada has dismissed a case filed by several trade associations against the Commissioner of the Financial Institutions Division (“FID”) of the Nevada Department of Business and Industry and...more
We recently provided an update in a case we’ve been following involving a lawsuit challenging a Nevada statute, SB 311, that allows an applicant for credit with no credit history to request that a creditor treat an...more
We have been closely following a lawsuit challenging a 2019 Nevada amendment that relates to the treatment of spousal credit history during the credit application process. ...more
The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the...more
Several trade groups, including the American Financial Services Association, Nevada Credit Union League, and Nevada Bankers Association have filed a lawsuit challenging a new Nevada law aimed at allowing credit applicants...more
On October 1, three trade groups filed a lawsuit in Nevada federal court challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s...more