News & Analysis as of

Regulation B

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 files amicus brief in Eleventh Circuit ECOA case

by Ballard Spahr LLP on

The CFPB has filed an amicus brief in Regions Bank v. Legal Outsource PA, a case on appeal to the Eleventh Circuit that involves two important issues under the Equal Credit Opportunity Act (ECOA): whether the ECOA provides a...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

CFPB finalizes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

by Ballard Spahr LLP on

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

CFPB and Card Issuers Resolve ECOA Action Involving Cards Offered in U.S. Territories and Cardholders with Spanish Language...

by MoFo Reenforcement on

On August 23, 2017, the Consumer Financial Protection Bureau (CFPB) announced the resolution of an administrative action under the Equal Credit Opportunity Act and its implementing regulation, Regulation B (collectively,...more

DOJ amicus brief in employment discrimination case undermines CFPB position on ECOA protection for sexual orientation

by Ballard Spahr LLP on

The Department of Justice has filed an amicus brief in a case pending before the U.S. Court of Appeals for the Second Circuit that presents the question of whether the prohibition on employment discrimination on the basis of...more

CFPB identifies 2017 priorities in annual fair lending report

by Ballard Spahr LLP on

In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more

CFPB May Rely on New Employment Discrimination Case in Fair Lending Context

by Ballard Spahr LLP on

The CFPB may seek to rely on a recent Seventh Circuit employment discrimination case to support its view that the Equal Credit Opportunity Act’s (ECOA’s) prohibition against discrimination on the basis of “sex” includes...more

CFPB proposes alignment of Regulation B and Regulation C requirements regarding collection of consumer ethnicity and race...

by Ballard Spahr LLP on

On March 24, the CFPB announced a proposal to amend Regulation B requirements related to the collection of consumer ethnicity and race information, in order to resolve the differences between Regulation B and revised...more

FTC sends 2016 ECOA report to CFPB

by Ballard Spahr LLP on

The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has authority to enforce the ECOA and Reg B as to...more

SCOTUS Grimm decision could impact CFPB position on ECOA protection for gender identity and sexual orientation

by Ballard Spahr LLP on

On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more

CFPB Forgoes Traditional Rulemaking Process in Announcing that the Equal Credit Opportunity Act and Regulation B Prohibit...

by Morrison & Foerster LLP on

Richard Cordray, director of the Consumer Financial Protection Bureau (“CFPB”), issued a letter dated August 30, 2016 (“Cordray Letter”), expressing the CFPB’s views on whether credit discrimination on the basis of gender...more

CFPB approves FHLMC/FNMA revised uniform residential loan application; collection of HMDA ethnicity and race information in 2017

by Ballard Spahr LLP on

In a notice published in today’s Federal Register, the CFPB announced that it has given its “official approval” to a revised and redesigned Uniform Residential Loan Application (2016 URLA) and to the collection of expanded...more

CFPB issues Summer 2016 Supervisory Highlights

by Ballard Spahr LLP on

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

Loan Enforcement and Creditors’ Rights

by Polsinelli on

At times, lenders lose the promissory notes on defaulted loans. Lost notes are problematic because, in order to have standing to foreclose, a lender may be required in many states, including in New York, to possess the...more

Supreme Court Decision Fails to Provide Clarity on ECOA Claims

by Polsinelli on

On March 22, 2016, the U.S. Supreme Court issued its first 4-4 decision following the death of Justice Antonin Scalia, thereby affirming the 8th Circuit in Hawkins v. Community Bank of Raymore. The Court’s per curiam opinion...more

Split Supreme Court Affirms Eighth Circuit Equal Credit Opportunity Act Ruling

by McGuireWoods LLP on

“The judgment is affirmed by an equally divided Court.” One sentence, published by the United State Supreme Court on March 22, 2016 sealed the fate of two plaintiffs seeking to expand protections under the Equal Credit...more

Supreme Court's Four-to-Four Decision in Hawkins v. Community Bank of Raymore Leaves Open Question About Application of Equal...

by Baker Donelson on

In its first evenly split vote since the death of Justice Scalia, the U.S. Supreme Court last week affirmed an Eighth Circuit Court of Appeals ruling in Hawkins v. Community Bank of Raymore that spouses who guarantee...more

Supreme Court Affirmation of Hawkins Case Raises More Questions Than It Answers

by Morrison & Foerster LLP on

On March 22, 2016, the Supreme Court of the United States issued an order in Hawkins v. Community Bank of Raymore. An evenly divided Court affirmed the Eighth Circuit decision without issuing an opinion, thereby resolving...more

Divided Supreme Court Results in Non-Uniform Application of Reg B

by Bryan Cave on

In what goes for kicking the can down the road at the Supreme Court, the Court has evenly split on an appeal arising from the Eight Circuit Court of Appeals decision in Hawkins v. Community Bank of Raymore, 761 F3d 937 (CA8...more

Loan Guarantors Are Not ''Applicants'' under ECOA, Equally Divided U.S. Supreme Court Affirms

by Ballard Spahr LLP on

An equally divided U.S. Supreme Court has affirmed the Eighth Circuit's decision in Hawkins v. Community Bank of Raymore, which upheld a federal district court ruling that the Equal Credit Opportunity Act (ECOA) does not...more

SUPREME COURT DECISION COMPLICATES SPOUSAL GUARANTY RULES EVEN FURTHER

by Balch & Bingham LLP on

The U.S. Supreme Court recently split 4-4 in Hawkins v. Community Bank of Raymore, leaving unsettled the question of the enforceability of the “spousal guaranty” rule under federal Regulation B, and for now letting the...more

US Supreme Court Fails to Resolve Guarantors’ Status Under ECOA

by Lane Powell PC on

On March 22, in an Equal Credit Opportunity Act (ECOA) case that was closely followed and highly anticipated, the U.S. Supreme Court (in a four-to-four vote) failed to issue a definitive ruling regarding whether Regulation B...more

Guarantor Standing Under Reg. B Unresolved After Hawkins v. Community Bank of Raymore

by Stinson Leonard Street on

“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court case of Hawkins v. Community Bank of Raymore, Case No. 14-520 came to an end. The first 4-4 decision from the Court since the...more

U.S. Supreme Court Affirms Decision Excluding Guarantors from ECOA Protection

by Lathrop Gage on

4-4 Decision Keeps Issue Unresolved Outside of 8th Circuit - On March 22, 2016, the U.S. Supreme Court affirmed the decision of the 8th Circuit Court of Appeals in favor of Lathrop & Gage LLP client Community Bank of...more

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