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
On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more
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
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
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
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
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
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
The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive...more
The CFPB has released the Summer 2023 edition of Supervisory Highlights. The report discusses the Bureau’s examinations in the areas of auto origination and servicing, consumer reporting, debt collection, deposits, mortgage...more
On July 26, the Consumer Financial Protection Bureau (CFPB or Bureau) released the summer edition of its Supervisory Highlights report, providing a high-level overview of alleged unfair, deceptive, or abusive acts or...more
On June 29, 2023, the Consumer Financial Protection Bureau issued its annual fair lending report to Congress, confirming that although there was relatively little public fair lending enforcement in 2022, the CFPB and other...more
Asserting that irreparable harms to their members “are piling up,” the U.S. Chamber of Commerce and the other plaintiffs have filed a motion for a status conference with the Texas federal district court hearing their lawsuit...more
On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more
In this article, we share a timeline of our monthly "bites" for 2022 applicable to consumers protected by nondiscrimination and military protection laws. The CFPB has historically been particularly active with respect to...more
In this article, we share a timeline of our monthly "bites" for 2022 applicable to small-dollar lending. So, what happened in 2022?...more
On September 28, the U.S. Chamber of Commerce (Chamber), together with the Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, Independent Bankers Association of Texas, Texas Association...more
Biden Signs Bills Aimed at Catching Pandemic Business Loan Cheats - "President Joe Biden signed a pair of bills that will give the Justice Department more time to investigate and prosecute people accused of fraudulently...more
Anti-discrimination law applies to companies with black-box credit models using complex algorithms, according to a circular issued by the Consumer Financial Protection Bureau (CFPB) on May 26, 2022. According to the CFPB, the...more
The Consumer Financial Protection Bureau (CFPB) has been contemplating data, algorithms, and machine learning for years. In 2017, as part of a field hearing on alternative data, the CFPB issued a request for information in...more
As we have repeatedly discussed this year in our Financial Services Perspectives blog, the current leadership of the CFPB has placed a significant emphasis upon fair lending. Seemingly once a month, or even more frequently at...more
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021. ...more
On May 6, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Lending Report for 2021. As in 2020’s report, published last year, the CFPB shows that its focus remains on what it characterizes as...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
On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will consider whether institutions are engaging in the “unfair” practice of discriminating, expanding its anti-discrimination efforts to...more