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Fair Lending

Financial Services Report – Spring 2018

by MoFo Reenforcement on

The 2018 Winter Olympics are over. We watched two 17-year-olds win gold medals in sports that didn’t exist when we were 17. The Garlic Girls, with nicknames from their favorite breakfasts, and the U.S. men’s team won medals...more

Discrimination and Algorithms in Financial Services: Unintended Consequences of AI

It’s troubling enough when facial recognition software couldn’t recognize Asian faces, the crime prediction algorithm targeted black neighborhoods, the job bank was more likely to show men highly paid executive jobs, and the...more

CFPB Requests Feedback on Public Reporting of Consumer Complaints

by Morrison & Foerster LLP on

On March 1, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) released its sixth Request for Information (RFI) as part of its initiative to reexamine the Bureau’s existing policies and procedures under Acting...more

Modern Day Redlining: Reveal's Investigation of Potential Racial Discrimination in Mortgage Lending Leads to Government Inquiries

by Ballard Spahr LLP on

The Pennsylvania attorney general and state treasurer each announced separate inquiries last week into potential mortgage-lending redlining in Philadelphia. ...more

The CFPB Under New Leadership: What to Expect in 2018

by Pepper Hamilton LLP on

Speculation about the future of the Consumer Financial Protection Bureau (CFPB) has been ever-present since Donald Trump’s victory in the 2016 Presidential election was first announced. Originally published in Delaware...more

Second Circuit decision could support ECOA protection for sexual orientation

by Ballard Spahr LLP on

The 10-3 en banc decision in Zarda v. Altitude Express issued earlier this week by the U.S. Court of Appeals for the Second Circuit is likely to be relied on by regulators and private plaintiffs alleging violations of the...more

Window On Washington - Vol. 2, Issue 8

by Clark Hill PLC on

FY18 Omnibus. With the past week being a recess period, House and Senate Appropriators made little progress on drafting the Omnibus bill, but Clark Hill is hearing Appropriators have finalized or are close to finalizing...more

Democratic lawmakers seek information about reorganization of CFPB Office of Fair Lending

by Ballard Spahr LLP on

A group of Democratic Senators and House members have sent a letter to Mick Mulvaney and Leandra English expressing concern about Mr. Mulvaney’s announcement that he plans to reorganize the CFPB’s Office of Fair Lending...more

Change in CFPB Structure Will Not Impact Fair Lending Enforcement; Compliance Does Not Take a Holiday

by Clark Hill PLC on

Acting Director Mick Mulvaney’s decision to transition the Office of Fair Lending and Equal Opportunity (“OFLEO”) out of the Office of Supervision, Enforcement and Fair Lending (“SEFL”) does not eliminate or diminish the...more

CFPB: Fair Lending Moves, New RFIs and Director Fight

Firestorms continue to brew at the Consumer Financial Protection Bureau, as Acting Director Mick Mulvaney tackles a wholesale overhaul of the much-criticized bureau. In the most recent news, the CFPB’s new five-year plan...more

CFPB Acting Director Mulvaney Relocates and Removes Supervisory and Enforcement Functions from the Fair Lending Office

by Weiner Brodsky Kider PC on

CFPB Acting Director Mick Mulvaney recently indicated in an e-mail to CFPB staff that the Office of Fair Lending and Equal Opportunity will be transferred from the Supervision, Enforcement, and Fair Lending Division to become...more

Mulvaney reorganizes CFPB Office of Fair Lending

by Ballard Spahr LLP on

In an email to CFPB staff, Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has indicated that he plans to make changes to the CFPB’s organizational structure to best enable the CFPB to fulfill its...more

Consumer Financial Protection Bureau Update

A degree of uncertainty hangs over the Consumer Financial Protection Bureau (CFPB) following the November 2017 resignation of its first director, Richard Cordray. On his last day in office, Cordray appointed his chief of...more

CFPB Amends Prepaid Accounts Rule and Delays its Effective Date

by Morrison & Foerster LLP on

On January 25, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) finalized amendments (“2018 Amendments”) to its final Prepaid Accounts Rule (“Final Rule”), which was published in November 2016. The Bureau...more

Financial Litigation Roundup: Key Federal Rulings in 2017

In case you missed it, here is our list of the most significant financial services rulings in 2017 from the Supreme Court of the United States and major federal appellate courts. While there were no decisions of overwhelming...more

The preclusive effect of a Congressional override of the CFPB dealer pricing bulletin: we think Professor Levitin’s premise is...

by Ballard Spahr LLP on

As we reported recently, the Government Accountability Office has determined that CFPB Bulletin 2013-02 on dealer pricing in indirect auto finance (“Dealer Pricing Bulletin” or “Bulletin”) is a “rule” subject to review under...more

Another Foolish Inconsistency – This Time For Broker-Dealers

by Allen Matkins on

Yesterday’s post chided Glass, Lewis & Co., LLC for its inconsistent positions on majority rule. Today’s post tackles a foolish inconsistency in the California Codes. Section 25217(c) of the California Corporations Code...more

CFPB indirect auto finance bulletin determined to be a “rule” subject to Congressional review

by Ballard Spahr LLP on

Congress may have now have the opportunity to disapprove by a simple majority vote the CFPB’s disparate impact theory of assignee liability for so-called dealer “markup” disparities as a result of a determination by the...more

Recent Congressional Review Act Developments Could Have Far-Reaching Effects

by Pepper Hamilton LLP on

On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more

FRB hosts 2017 interagency fair lending panel

by Ballard Spahr LLP on

The FRB recently hosted a fair lending “hot topics” webinar in conjunction the DOJ, HUD, CFPB, FDIC, OCC, and NCUA. The seven agencies discussed fair lending developments, including the revised HMDA reporting requirements,...more

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

by Ballard Spahr LLP on

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

CFPB’s First No-Action Letter: Supporting Innovation AND Supervision for Fair Lending

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau (the “Bureau”) issued its first no-action letter (“NAL”) to Upstart Network, Inc. (“Upstart”), a marketplace lender that sought to clarify that its automated model for underwriting...more

CFPB Finalizes Alignment of Regulations B and C on Consumer Ethnicity and Race Information

by Ballard Spahr LLP on

On September 21, the CFPB finalized its proposal to amend Regulation B requirements related to collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

DOJ Issues Annual Report To Congress On 2016 ECOA/FHA/SCRA Enforcement Activities

by Ballard Spahr LLP on

The Department of Justice’s Civil Rights Division has issued its annual report to Congress regarding its activities to enforce the ECOA, FHA and SCRA. The report covers 2016 activities that would have taken place under the...more

Financial Services Report - Fall 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - Through hurricanes, wild fires, the publication of Hillary Clinton’s book, the birth of Amal and George Clooney’s twins, and the Dodgers’ historic losing streak, Director Richard Cordray and the CFPB’s...more

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