Redlining Isn’t What it Used To Be
Discrimination and Bias in Residential Lending
Keeping up with all the new regulations
Troutman Pepper Attorneys Update Fair Lending Handbook for the American Association of Bank Directors - The Consumer Finance Podcast
Fair Lending 101 for Debt Collectors - The Consumer Finance Podcast
Corporate Law Report: U.S. Manufacturing, Social Media, Online Endorsements, Hart Scott Rodino, More
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
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
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
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
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
Minnesota has expanded its fair lending statute to prohibit discriminating against a person in the extension of credit or in the requirements of obtaining credit because of gender identity. Prior to this amendment, the...more
On June 14, 2020, the Consumer Financial Protection Bureau (CFPB) filed its opening brief in its appeal of a U.S. district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). The CFPB’s...more
The pace of legislative activity from this year’s current session can make it hard to stay abreast of new laws. The Consumer Finance ABStract’s “Consumer Finance State Roundup” is intended to provide a brief overview of...more
On March 13, the DOJ and CFPB filed a statement of interest saying that a “lender violates both the [Fair Housing Act (FHA)] and ECOA if it relies on an appraisal that it knows or should know to be discriminatory.” ...more
In Bureau of Consumer Financial Protection v. Townstone Financial, Inc., the Consumer Financial Protection Bureau (“CFPB”) brought suit against Townstone, a mortgage broker/lender, and its co-founder and chief executive,...more
The Consumer Financial Protection Bureau made news this year when it announced that it considered discrimination to be illegal as an "unfair" practice, including in situations where fair lending laws do not apply. In March,...more
Financial Services Committee Passes Bills to Protect Consumers "The House Financial Services Committee, led by Chairwoman Maxine Waters (D-CA), passed eight bills to strengthen oversight of our nation’s affordable housing...more
Proponents of the Payday Loan Interest Rate Cap ballot initiative in Michigan met the June 1, 2022 deadline to appear on the November 2022 ballot in the state. If not picked up by the state legislature this summer, the...more
On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The...more
Members of the auto finance industry continue to have a strong appetite for developing their digital origination and servicing platforms. Much of the industry also has a desire to use data in novel and creative ways to...more
While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more
In the largest fair lending enforcement action in several years, the Department of Justice (DOJ) and the Office of the Comptroller of the Currency (OCC) on August 30 announced simultaneous settlements with a national banking...more
Players in the auto finance industry have been watching the Consumer Financial Protection Bureau ping-pong over the last several years regarding disparate impact theories under the Equal Credit Opportunity Act. The disparate...more
Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. With July 21, 2021 marking...more
It is clear just a few weeks into the Biden administration that fair lending and racial equity will return as a central focus of regulators under President Joe Biden. Biden issued a memorandum his first week in office...more
The U.S. banking regulators and state attorneys general have issued several appeals to the financial services industry to assist borrowers in financial distress due to the COVID-19 pandemic. These agencies have publicly...more
The novel coronavirus upended American lives, changing how we work, how we socialize, how we shop, and - for millions of us - whether we are still employed. For many creditors, it also changed patterns of consumer default. In...more
The sudden financial impact of the COVID-19 pandemic on consumers has led to calls for loan servicers and other interested parties to provide temporary or permanent relief for borrowers who are unable to continue making loan...more
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
The Consumer Financial Protection Bureau made it clear that it will continue to target auto finance lenders as one of its top supervisory and enforcement priorities in the Fair Lending Report of the Bureau of Consumer...more