On June 21, the Consumer Financial Protection Bureau (CFPB) released two reports detailing access to banking and the financial experience of consumers living in the Southern states. Many areas of the South are considered...more
The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance...more
FTC Alleges Mobile App’s Deposit Promises Were Deceptive - Following a May 2020, civil investigative demand, the Federal Trade Commission (FTC) filed suit against the operators of a mobile banking app, alleging that they...more
Regulatory Announcements - CFPB Issues No Action Letter to Facilitate Consumer Access to Loans. The Consumer Financial Protection Bureau (CFPB) issued a No-Action Letter to Bank of America, N.A. on November 5 regarding...more
In June of this year, the United States Supreme Court held that an employer who fires an employee for being gay or transgender violates the Civil Rights Act of 1964 ("Title VII"). Title VII prohibits employers from refusing...more
On July 15, 2020, the CPFB filed a complaint in federal court against Townestone Financial, Inc. (Townestone) representing the first ever redlining complaint against a non-bank mortgage lender. ...more
Earlier this week, the CFPB’s Office of Research released its third “Data Point” report on Americans who are “credit invisible” – that is, those without an established credit history with the three national credit reporting...more
U.S. Senators Mark R. Warner (D-VA) and Mike Rounds (R-SD) introduced federal legislation on August 28, 2018, that would expand access to mortgages to the self-employed, gig workers, and other creditworthy individuals with...more
Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more
In This Issue: - Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit - Industry Employers Should Prepare Now for Health Care Reform - Title...more
The U.S. Department of Justice (DOJ) has reached a settlement with Community Bank of St. Charles, Michigan, in a federal lending discrimination lawsuit filed by DOJ against the bank....more