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Fair Lending

GeoDataVision

The Potentially Adverse Fair Lending Implications of the New CRA Rule

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There has been much understandable handwringing about the new CRA and its complexity as well as the high CRA exam failure rate predicted by regulators based on the new assessment areas and the higher performance standards...more

Orrick, Herrington & Sutcliffe LLP

FTC provides its 2023 ECOA activities to CFPB

On February 12, the FTC provided the CFPB with an annual summary of its 2023 enforcement, research and policy development, and educational-related initiatives on ECOA, as Dodd-Frank allows the Commission to enforce ECOA and...more

Sheppard Mullin Richter & Hampton LLP

DOJ and North Carolina Attorney General Reach $13.5M Settlement in Discriminatory Lending Case

On February 5, the DOJ and North Carolina’s attorney general announced a $13.5 million settlement deal with a large regional bank over redlining allegations....more

Sheppard Mullin Richter & Hampton LLP

Bank Groups Sue to Overturn New Community Lending Rules

On February 5, several trade groups, including the American Bankers Association, the Independent Community Bankers of America, and the U.S. Chamber of Commerce, filed suit against the Federal Reserve Board, the FDIC, and the...more

Ballard Spahr LLP

Credit unions should expect increased supervision from NCUA on overdraft/NSF fees, vendor risk, and fair lending

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On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke at a Brookings Institution event to outline his regulatory agenda and supervisory priorities for 2024. His prepared remarks...more

Ballard Spahr LLP

FloatMe Settlement with FTC Contains Exacting Requirements

Ballard Spahr LLP on

On January 22, 2024, the Federal Trade Commission (FTC) entered into a Stipulated Order for Permanent Injunction, Monetary Judgment, and Other Relief (the “Order”) with FloatMe Corp. (“FloatMe”), a fintech that offers...more

Troutman Pepper

A Closer Look at NCUA’s Consumer Financial Protection and Compliance Expectations

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As discussed, in a recent letter, the Chairman of the National Credit Union Administration (NCUA) outlined the agency’s supervisory priorities for 2024. In this post, we delve deeper into the area of consumer protection...more

GeoDataVision

The new CRA: Surprises and Problems by Omission

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I have written a number of articles about the new CRA and the problems its requirements will impose on banks. But there are also problems posed by what the new Rule omits....more

Troutman Pepper

Consumer Financial Services 2023 Year in Review and A Look Ahead

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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more

Ballard Spahr LLP

OIG report finds CFPB can enhance certain aspects of its enforcement investigations process

Ballard Spahr LLP on

The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations.  OIG concluded that the CFPB can enhance...more

GeoDataVision

What is a “REMA” and why is it so important?

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As I write this article the Department of Justice is pursuing a record-breaking number of “redlining” cases against banks and mortgage lenders. The “Anti-redlining Initiative” was announced October 22, 2021, by Attorney...more

Cadwalader, Wickersham & Taft LLP

Trends in 2024: Consumer Financial Services Edition

Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer...more

Orrick, Herrington & Sutcliffe LLP

NYDFS releases guidance on risk management

On December 21, 2023, NYDFS released guidance for managing significant financial and operational risks associated with climate change for New York State-regulated banking and mortgage institutions. The guidance emphasized the...more

GeoDataVision

Coming Soon: Climate Risk Assessments for Banks – Are You Ready?

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Climate Risk Assessments for banking purposes are in the early stages of development. No laws or regulations have been issued regarding the topic. Nonetheless, it is obvious that lawmakers and regulators are keenly intent on...more

Troutman Pepper

CFPB Report Highlights Consumer Experiences with Overdraft and NSF Fees

Troutman Pepper on

On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. The report found that roughly a quarter of...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 11: Developing Fairness Infrastructure for Lending with Kareem Saleh

Kareem Saleh, co-founder of FairPlay, discusses the imperative of fairness and explainability in algorithmic lending with RegFi hosts Jerry Buckley and Sherry Safchuk. Kareem shares his goal to create a “fairness...more

Ballard Spahr LLP

House votes to override CFPB small Business lending rule

Ballard Spahr LLP on

Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more

GeoDataVision

The Disastrous New CRA: Part III – It’s worse than you think and which banks are hurt the most

GeoDataVision on

In Parts I and II I explained the devastating impact of the new CRA Rule and what the underlying reasons for that adverse impact are. In Part III I will touch upon what banks are most significantly impacted by the new Rule....more

GeoDataVision

Keeping up with all the new regulations

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In this podcast episode, Len and Dean discuss the challenges compliance officers face in keeping up with regulatory changes and guidance. They mention various regulations and topics that have been covered in previous...more

Ballard Spahr LLP

CFPB Language Access Plan for Consumers with Limited English Proficiency

Ballard Spahr LLP on

Throughout the past few years, the CFPB has sought input from a range of stakeholders, including community-based organizations and financial institutions, for feedback about how it can improve consumer financial products and...more

Latham & Watkins LLP

CFPB and DOJ Release Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers

Latham & Watkins LLP on

The joint statement provides helpful guidance on the civil rights implications of considering an individual’s immigration status under the ECOA. On October 12, 2023, the Consumer Financial Protection Bureau (CFPB) and...more

Troutman Pepper

At Fair Lending Conference, DOJ Officials Discuss the “Combatting Redlining Initiative”: Progress Made and the Road Ahead

Troutman Pepper on

Last week, the annual Community Reinvestment Act & Fair Lending Colloquium took place in Austin, Texas. Two officials from the U.S. Department of Justice (DOJ) discussed in detail the “Combatting Redlining Initiative” led by...more

Orrick, Herrington & Sutcliffe LLP

CFPB’s Language Access Plan breakdown for consumers with limited English proficiency

On November 15, the CFPB issued a report, titled “The CFPB Language Access Plan for consumers with limited English proficiency,” on expanding consumer needs in the financial marketplace for individuals with limited English...more

Ballard Spahr LLP

CFPB removes changes regarding discrimination as an unfair practice from UDAAP exam manual but appeals from district court order...

Ballard Spahr LLP on

In September 2023, the CFPB updated its UDAAP Examination Manual to remove the changes it made in March 2022 which provided that unfair acts or practices encompassed discriminatory conduct, even in circumstances to which...more

Sheppard Mullin Richter & Hampton LLP

CFPB Publishes New Report on State Community Reinvestment Laws

On November 2, the CFPB issued a new report on state Community Reinvestment Act laws. The report found that many states adopted Community Reinvestment Acts (CRAs) similar to the federal Community Reinvestment Act of 1977. The...more

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Privacy Officer
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150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
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Sausalito, CA 94965

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