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Equal Credit Opportunity Act Automotive Industry Financial Institutions

Stinson LLP

CFPB and DOJ Take Action Against Fifth Third Bank

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On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more

Ballard Spahr LLP

Auto finance company agrees to change dealer compensation policy to settle CFPB and DOJ fair lending claims

Ballard Spahr LLP on

Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal...more

Ballard Spahr LLP

Auto Finance Company Agrees to Change Dealer Compensation Policy to Settle CFPB and DOJ Fair Lending Claims

Ballard Spahr LLP on

To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more

Carlton Fields

CFPB Continues Crackdown on Fair Lending: Marketing Materials Targeted

Carlton Fields on

In a recent guidance bulletin, the Consumer Financial Protection Bureau reminded mortgage lenders to heed their Equal Credit Opportunity Act (ECOA) obligations when considering applicants receiving public assistance income....more

Ballard Spahr LLP

The CFPB Stretches ECOA Past the Breaking Point with Auto Finance

Ballard Spahr LLP on

In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more

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