News & Analysis as of

Creditors Discrimination

K&L Gates LLP

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

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The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more

Ballard Spahr LLP

FTC Complaint Alleges Deception and Discrimination in Fintech’s Subscription Cash Advance Offerings

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On January 2, the Federal Trade Commission (FTC) filed a complaint against FloatMe Corp. (“FloatMe”), a fintech that offers short-term cash advances through its mobile app, alleging violations of the FTC Act, the Restore...more

Sheppard Mullin Richter & Hampton LLP

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

McGlinchey Stafford

Regulators Prioritize Fair Lending And Equal Access To Credit

McGlinchey Stafford on

Anyone who has attended a conference that looked at information from regulators within the past few months could not help but notice that a key area of focus is fair lending and equal access to credit... Originally...more

Davis Wright Tremaine LLP

CFPB Clarifies That ECOA Prohibits Discrimination Based on Sexual Orientation and Gender Identity

On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an Interpretive Rule clarifying that the Equal Credit Opportunity Act (ECOA) and Regulation B prohibit discrimination based on: Sexual orientation;...more

Fox Rothschild LLP

A New Standard For Chapter 11 Cramdown Plans – The Third Circuit Court Of Appeal’s Refusal To Strictly Enforce Subordination...

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The Bankruptcy Code provides that subordination agreements are enforceable in bankruptcy to the same extent that such agreements are enforceable under non-bankruptcy law. 11 U.S.C. § 510(a). However, Section 1129(b)(1) of...more

Dechert LLP

Subordination Agreement Ignored in a Cramdown — But What’s So Unfair About That?

Dechert LLP on

Recently, in In re Tribune Company, the Third Circuit affirmed that the Bankruptcy Code means exactly what it says and that the enforcement of subordination agreements can be abridged when cramming down confirmation of a...more

Dorsey & Whitney LLP

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

Dorsey & Whitney LLP on

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...more

Polsinelli

Implementing Regulation B Spousal Signature Provisions

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The Equal Credit Opportunity Act and its implementing rule, Regulation B, prohibit any creditor from discriminating based on sex or marital status, among other protected statuses. All the federal banking agencies are involved...more

Polsinelli

Disparate Impact Remains Fair Lending Risk To Banks

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Lenders seeking judicial relief from the Consumer Financial Protection Bureau’s heightened enforcement of the Equal Credit Opportunity Act were left disappointed by the settlement of Mt. Holly v. Mt. Holly Gardens Citizens in...more

Sheppard Mullin Richter & Hampton LLP

The Stockton Saga Continues: Untouchable Pensions on the Chopping Block?

Judge Christopher M. Klein's decision to accept the City of Stockton's petition for bankruptcy on April 1, 2013 set the stage for a battle over whether public workers' pensions can be reduced through municipal reorganization....more

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