News & Analysis as of

Equal Credit Opportunity Act Regulatory Oversight

Hinshaw & Culbertson - Privacy, Cyber & AI...

Navigating the Latest State AI Laws: What Your Business Needs to Know

Hinshaw's Privacy, Security, & Artificial Intelligence (AI) practice group has been continuously monitoring the changes to state AI regulations, which we outline below for your company to be aware of and comply with if you...more

Dechert LLP

Artificial Intelligence: Legal and Regulatory Issues for Financial Institutions

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Over the last six months, artificial intelligence (AI) has captured the public imagination in a way it never has before. A new generation of AI-powered language models make use of a deep learning architecture known as a...more

Venable LLP

Buy-Now-Pay-Later: A 360 Degree Overview

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Buy-Now-Pay-Later (BNPL) products are taking center stage as a popular way for consumers to purchase goods or services now and pay for them over time through a short series of installments, often interest-free. Industry...more

Hogan Lovells

AI & Algorithms (Part 4): The FTC’s Guidance on AI

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Although the U.S. has no federal law that specifically regulates artificial intelligence (AI), the Federal Trade Commission (FTC) has indicated that it may be preparing to exercise its consumer protection authority with...more

Miles & Stockbridge P.C.

More Data Collection for Lenders on Horizon: CFPB Rulemaking Process Well Underway Related to ECOA Amendment

The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), among other things, required the Consumer Financial Protection Bureau (CFPB) to adopt regulations governing the collection of certain small...more

Ballard Spahr LLP

CFPB issues Fall 2019 Semi-Annual Report to Congress

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The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more

Ballard Spahr LLP

House Financial Services Subcommittee on Oversight and Investigations Holds Hearing on Lending and Housing Discrimination Against...

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On October 29, 2019, the House Financial Services Subcommittee on Oversight and Investigations held a hearing to explore the issue of lending and housing discrimination against members of the LGBTQ+ community....more

Ballard Spahr LLP

House Financial Services Subcommittee on Oversight and Investigations to hold Oct. 29 hearing on LGBTQ+ discrimination in lending...

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The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing entitled “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.”...more

Ballard Spahr LLP

CFPB files answer in lawsuit challenging delay in Section 1071 implementation

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The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more

Ballard Spahr LLP

Civil rights groups question CFPB oversight of student loan market

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Several civil rights groups have sent a letter to Director Kraninger questioning whether the CFPB is engaging in the oversight of the student loan market that they believe is necessary to “root out potentially discriminatory...more

Ballard Spahr LLP

CA Reinvestment Coalition sues CFPB for delaying Section 1071 implementation

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The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more

Ballard Spahr LLP

CFPB hints at possible disparate impact rulemaking

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On October 17, the Bureau released its Fall 2018 Rulemaking Agenda, but it included a surprise for those interested in fair lending.  Under the section of the associated blog post entitled “Future Planning” appears the...more

Ballard Spahr LLP

CFPB Fall 2018 rulemaking agenda confirms plans to consider rulemaking on “abusiveness” standard

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The CFPB’s Fall 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions.  (OIRA is part of...more

Ballard Spahr LLP

ECOA and Small Business Lending: Where Are We?

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During Richard Cordray’s tenure as CFPB director, it began to look like we were heading toward an era of much more aggressive application of the Equal Credit Opportunity Act to small business lending. ...more

Ballard Spahr LLP

CFPB issues Summer 2018 Supervisory Highlights

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The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - Economic Growth, Regulatory Relief and Consumer Protection Act - The "Economic Growth, Regulatory Relief and Consumer Protection Act," signed by the President on May 24, amends...more

Ballard Spahr LLP

Mulvaney outlines new CFPB governing philosophy

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Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, plans to make the CFPB’s practices of “pushing the envelope” and “rulemaking by enforcement” things of the past. ...more

Ballard Spahr LLP

GAO determination that leveraged lending guidance is subject to CRA could foreshadow similar fate for CFPB indirect auto finance...

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In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more

Burr & Forman

Dodd-Frank News - Summer 2017

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The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Ballard Spahr LLP

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

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A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Ballard Spahr LLP

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

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A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

WilmerHale

The Future Of CFPB Small Business Lending Regulation

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In this article we highlight the role played by the Consumer Financial Protection Bureau in regulating small business lending. Broadly speaking, the bureau’s jurisdiction is limited to the marketplace for consumer financial...more

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