The American Association of Bank Directors (AABD) recently published the second edition of its Practical Handbook on Fair Lending for Bank Directors and Executive Officers (the Handbook), updating the first edition of the...more
Please join Troutman Pepper Partners Chris Willis and Lori Sommerfield, along with American Association of Bank Directors (AABD) President David Baris, for a special announcement about the recently published second edition of...more
As shown by a new report, the Consumer Financial Protection Bureau (CFPB or Bureau) is focusing its fair lending work on mortgage origination and pricing, small business lending, redlining, and the use of artificial...more
7/10/2023
/ Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
HMDA ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgages ,
NCUA ,
Redlining
s recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more
As recently discussed on our podcast, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more
6/14/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Reporting ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business Loans
As recently discussed on our podcast here, section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) amended the Equal Credit Opportunity Act (ECOA) to require lenders to collect...more
As discussed here and here, in October 2022, the Federal Trade Commission (FTC) reached a $3.38 million settlement with Passport Automotive Group (Passport) and two of its officers over allegations that the automotive group...more
As discussed here, on March 30, the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended the...more
On April 26, the Texas Bankers Association and Rio Bank, McAllen, Texas filed a complaint in the U.S. District Court for the Southern District of Texas challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more
4/27/2023
/ Administrative Procedure Act ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
SCOTUS ,
Section 1071
At a U.S. Justice Department (DOJ) interagency event in Newark, New Jersey, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the next phase in the Bureau’s attempt to eliminate what he...more
On April 14, the Consumer Financial Protection Bureau (CFPB) submitted a statement of interest to the U.S. District Court for the Southern District of Florida arguing that the Equal Credit Opportunity Act’s (ECOA) prohibition...more
As promised (and discussed here), the Consumer Financial Protection Bureau (CFPB) issued its final rule under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Section 1071 amended...more
Please join Troutman Pepper Partner Chris Willis and his colleague Consumer Financial Services Partner Lori Sommerfield as they discuss the implications of the recent Illinois federal court decision, dismissing the CFPB's...more
On February 28, the U.S. Department of Justice (DOJ) announced its sixth redlining settlement under its Combatting Redlining Initiative. This most recent case involves an agreement between the DOJ and Ohio-based Park National...more
On February 9, the Federal Trade Commission (FTC) submitted its annual letter to the Consumer Financial Protection Bureau (CFPB) summarizing its activities enforcing the Equal Credit Opportunity Act (ECOA) and its...more
On February 3, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc., a Chicago mortgage lender, for alleged violations of the Equal Credit...more
In the largest redlining settlement in the department’s history, the U.S. Department of Justice (DOJ) announced that an agreement has been reached to resolve redlining allegations against a Los Angeles-based bank. Under the...more
On May 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or...more