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Fair Lending Consumer Financial Protection Bureau (CFPB) Dodd-Frank Wall Street Reform and Consumer Protection Act

Hudson Cook, LLP

CFPB Bites of the Month - July 2024

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Venable LLP

What the CFPB’s Supreme Court Victory Means for Financial Institutions

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Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more

Ballard Spahr LLP

Plaintiffs and intervenors file summary judgment motion in Texas lawsuit challenging CFPB small business data collection rule

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The plaintiffs and intervenors in the lawsuit filed in a Texas federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank (Rule) have filed a consolidated motion...more

Troutman Pepper

CFPB Report Highlights Consumer Experiences with Overdraft and NSF Fees

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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

Ballard Spahr LLP

CFPB appeals district court order granting summary judgment to plaintiffs in lawsuit challenging UDAAP exam manual

Ballard Spahr LLP on

On November 6, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit...more

Ballard Spahr LLP

The Dilemma Facing Lenders Subject to the 1071 Small Business Data Collection and Reporting Rule

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We recently reported that a federal district court in Kentucky enjoined the CFPB from implementing the small business data collection and reporting rule, also referred to as the 1071 rule based on the Dodd-Frank section...more

Goodwin

The CFPB Faces Challenges to the Small Business Lending Rule in Texas and Kentucky

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On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (Final Rule) which implements the small business lending data collection requirements set for in Section 1071 of the...more

Venable LLP

Small Business Lenders Data Reporting Obligations Under Section 1071

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The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...more

Latham & Watkins LLP

CFPB Finalizes Rule on Small Business Lending Data

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The rule requires that lenders collect and report extensive applicant data to the CFPB, intended to deter discrimination and promote economic growth. On March 30, 2023, the Consumer Financial Protection Bureau (CFPB)...more

Orrick, Herrington & Sutcliffe LLP

CFPB publishes HMDA review

On March 3, the CFPB published findings from a voluntary review of the 2015 HMDA Final Rule issued in October 2015, as well as subsequent related amendments that eased certain reporting requirements and permanently raised...more

Sheppard Mullin Richter & Hampton LLP

FTC Provides CFPB with Letter on ECOA

On February 9, the FTC provided the CFPB and the Federal Reserve Board with its annual letter that summarizes its activities enforcing the ECOA and its implementing regulation, Regulation B, in the prior year. The FTC is in...more

Ballard Spahr LLP

FTC issues annual ECOA report to CFPB (UPDATED)

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The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B.  The new letter reports on the FTC’s activities in 2022.  The Bureau...more

Alston & Bird

Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory

Alston & Bird on

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind...more

Sheppard Mullin Richter & Hampton LLP

CFPB Aims to Simplify Rules and Guidance

On June 17, CFPB Director Rohit Chopra published a blog post summarizing the Bureau’s new efforts to more clearly communicate its expectations to the public, which would ultimately bolster consumer protection overall....more

McGlinchey Stafford

CFPB Update on the Amicus Program and Other Litigation

McGlinchey Stafford on

The CFPB issued a Fair Lending Report in May of 2022 (“Report”), in which it provided updates on its involvement with ongoing litigation, including its amicus program. The CFPB emphasized that its amicus program provides...more

Troutman Pepper

CFPB Massively Expands Enforcement of Anti-Discrimination Through UDAAP

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On March 16, the Consumer Financial Protection Bureau (CFPB or Bureau) unveiled an enormous change to its fair lending philosophy that will have major ramifications for financial services providers of all types. In a press...more

Bradley Arant Boult Cummings LLP

FTC Updates CFPB on Action in the Fair Lending Space

In early February, the Federal Trade Commission (FTC) sent its annual letter to the Consumer Financial Protection Bureau (CFPB). The letter explained the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Morrison & Foerster LLP

Financial Services Report - Winter 2021

Morrison & Foerster LLP on

Welcome to the Financial Services Report, holiday style! Banks and non-banks alike started early this year with additions and changes to their regulator stockings. The Senate confirmed Rohit Chopra as the new CFPB Director....more

Ballard Spahr LLP

CFPB issues request for information regarding assessment of HMDA rule

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Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and...more

Cozen O'Connor

Memphis Bank Settles Allegations of Discriminating Against Majority-Black and Hispanic Neighborhoods

Cozen O'Connor on

The Consumer Financial Protection Bureau (“CFPB”) and U.S. Department of Justice (“DOJ”) reached a settlement with Trustmark National Bank (“Trustmark”) to resolve allegations that it discriminated against Black and Hispanic...more

Bilzin Sumberg

An Opportune Time For Financial Institutions to Review Their Fair Lending Procedures

Bilzin Sumberg on

At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Proposed Rule Under Section 1071 of Dodd-Frank to Collect Small Business Lending Data

On September 1, the CFPB issued a Notice of Proposed Rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act, which amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and...more

Troutman Pepper

CFPB Issues Long-Awaited Notice of Proposed Rulemaking on Small Business Lending Data Collection

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On September 1, the Consumer Financial Protection Bureau (CFPB) issued a 900+ page notice of proposed rulemaking (NPRM) to implement the small business lending data collection requirements under Section 1071 of the Dodd-Frank...more

Ballard Spahr LLP

CFPB stipulates to Sept. 30 deadline for issuing Section 1071 NPRM

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In the lawsuit alleging wrongful delay by the CFPB in adopting regulations to implement Section 1071 of the Dodd-Frank Act, the parties have entered into a stipulation that requires the CFPB to issue a Notice of Proposed...more

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