News & Analysis as of

Equal Credit Opportunity Act

Vinson & Elkins LLP

Illegal Debanking Under Scrutiny: New Task Force Signals DOJ Enforcement Shift

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On April 28, 2025, the U.S. Attorney’s Office for the Eastern District of Virginia (“EDVA”) and the U.S. Department of Justice’s (“DOJ”) Civil Rights Division (“CRT”) announced the formation of the Eastern District of...more

Troutman Pepper Locke

Fifth Circuit Agrees to Dismiss CFPB’s UDAAP Examination Manual Appeal, Aligning with Bureau’s New Regulatory Priorities

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On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more

Ballard Spahr LLP

Disparate Impact Executive Order and HUD to Reconsider Disparate Impact Rule

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President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more

Holland & Knight LLP

CFPB Provides Supervision and Enforcement Reprieve on Small Business Lending Rule

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In connection with its regulation titled "Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)," implementing Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, 88 Fed. Reg....more

Sheppard Mullin Richter & Hampton LLP

CFPB Moves to Vacate ECOA Settlement Against Illinois-based Mortgage Lender

On March 26, the CFPB filed a motion to vacate its recent settlement against an Illinois-based mortgage lender accused of engaging in discriminatory marketing practices in violation of the Equal Credit Opportunity Act (ECOA)...more

Troutman Pepper Locke

CFPB and Townstone Financial Move to Vacate Redlining Settlement Alleging Misconduct Under Former CFPB Director

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In a surprising turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. (Townstone) have jointly moved to vacate the Stipulated Final Judgment and Order previously entered in...more

Troutman Pepper Locke

FHFA Director Pulte Terminates Mortgage-Related Special Purpose Credit Programs for GSEs

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In a significant policy shift under the Trump administration, the new Federal Housing Finance Agency (FHFA) Director Bill Pulte issued an order on March 25, 2025 terminating special purpose credit programs (SPCPs) supported...more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks to vacate redlining settlement and refund civil money penalty to firm

On March 26, the CFPB, in its first press release in over 50 days, announced its intention to seek to vacate a redlining settlement previously imposed on a nonbank retail-mortgage creditor and broker based in Chicago. As...more

Ballard Spahr LLP

CFPB seeking to reverse Townstone settlement, saying bureau ‘abused its power’

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Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial....more

Bradley Arant Boult Cummings LLP

Litigation Risk for Mortgage Lenders with a Less Active CFPB

With the recent developments at the Consumer Financial Protection Bureau (CFPB), many mortgage lenders have been left wondering about the extent to which the CFPB will enforce federal laws governing the mortgage lending...more

Sheppard Mullin Richter & Hampton LLP

CFPB Small Business Lending Data Rule Survives Challenge in Federal Court

On February 19, a federal magistrate judge for the United States District Court for the Southern District of Florida issued a report and recommendation rejecting a trade group’s challenge to the CFPB’s small business lending...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Upholds Reverse Redlining Verdict Against Mortgage Lender

On February 14, a divided Second Circuit panel upheld a 2016 jury verdict which found that a mortgage lender violated, among other laws, the Equal Credit Opportunity Act (“ECOA”) by engaging in “reverse redlining” when it...more

Venable LLP

Fifth Circuit Places Partial Stay on CFPB Small Business Lending Rule Amid Leadership Change

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The Fifth Circuit Court of Appeals heard arguments in early February challenging the validity of the Consumer Financial Protection Bureau's (CFPB Small Business Lending Rule. The rule is being challenged by various industry...more

Carlton Fields

Florida Appeals Court Decisions Week of February 3 - 7, 2025

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U.S. Eleventh Circuit Court of Appeals - Daniels v. Fla Fish & Wildlife - fishing regulations, constitutional challenges, standing - Glover v. Ocwen Loan Serv - FDCPA, mortgage payment fees - Rosado v. Sec’y US Navy...more

Alston & Bird

DEI in Lending: Are Special Purpose Credit Programs About to DIE?

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For the last several years, federal agencies, including the Consumer Financial Protection Bureau (“CFPB”), have been strongly encouraging financial institutions to implement and offer targeted credit assistance to...more

Bradley Arant Boult Cummings LLP

CFPB Examinations Highlight Fair Lending Risks in Credit Scoring Models

Amid recent technological advances in artificial intelligence and machine learning, on January 17, 2025, the CFPB issued its Winter 2025 Supervisory Highlights: Advanced Technologies Special Edition. This edition of...more

Orrick, Herrington & Sutcliffe LLP

DOJ and bank settle allegations of discrimination in student loan refinancing

On January 19, DOJ and a community bank entered into a consent order to resolve allegations of discriminatory lending practices under the ECOA. DOJ asserted the bank’s student loan refinance program engaged in practices that...more

Orrick, Herrington & Sutcliffe LLP

CFPB takes action against mortgage company for discriminatory mortgage lending practices

On January 17, the CFPB released its complaint and proposed consent order against a nondepository mortgage company, alleging violations of the ECOA and Regulation B as well as the CFPA. The CFPB seeks to enjoin the company...more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Action Against Illinois Mortgage Lender for Redlining Violations

On January 17, 2025, the CFPB filed a complaint against an Illinois-based non-depository mortgage lender for allegedly engaging in discriminatory practices. The CFPB alleges the lender engaged in improper redlining by...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Nondiscrimination and Military Protection Law

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In this article, we share a timeline of our monthly "bites" for 2024 applicable to consumers protected by nondiscrimination and military protection laws. 2025 will likely bring more of the same, particularly in the area of...more

Troutman Pepper Locke

CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. ...more

Husch Blackwell LLP

CFPB Reboots Policy Statements for No-Action Letters and Compliance Assistance Sandbox Approvals Days Before Administration Change

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and Compliance Assistance Sandbox (CAS) Approvals. These unexpected changes come just days before...more

Alston & Bird

FHFA Announces UDAP Compliance Expectations

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What Happened? On November 29, 2024, the Federal Housing Finance Agency (“FHFA”) released Advisory Bulletin AB 2024-06 (the “Advisory Bulletin”), which sets forth FHFA’s expectations and guidance for Fannie Mae and Freddie...more

IR Global

The New CFPB Small Business Lending Rule Moves Forward

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The new small business finance rule passed by the Consumer Financial Protection Bureau (CFPB) requires “Covered” financial institutions to collect and report data on applications for credit for small businesses. This rule,...more

Ballard Spahr LLP

CFPB Issues Matched Pair Testing Report on Small Business Lending

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The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more

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