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
On June 29, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2022 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by U.S. financial...more
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
On June 8, the Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Office of...more
6/14/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
NCUA ,
OCC ,
Property Valuation ,
Proposed Guidance ,
Real Estate Market
Yesterday, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing the use of chatbots in consumer finance and the impact on customer service. The report notes that financial institutions are increasingly...more
With a roll-out led by Vice President Harris, the federal financial services regulators have released the long-awaited proposed automated valuation model (AVM) rule, referencing both home appraisal bias in mortgage lending...more
6/5/2023
/ Appraisal ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Property Valuation ,
Proposed Rules ,
Regulatory Agenda ,
Secondary Markets
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
If a financial institution unilaterally reopens a closed deposit account to process a transaction, does that constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA)? According to the Consumer...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
On April 25, officials from the Federal Trade Commission (FTC), the Civil Rights Division of the U.S. Department of Justice (DOJ), the Consumer Financial Protection Bureau (CFPB), and the U.S. Equal Employment Opportunity...more
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 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
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
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 14, Patrice Ficklin, the Fair Lending Director for the Consumer Financial Protection Bureau (CFPB), together with senior officials from the Federal Reserve Board, Office of the Comptroller of the Currency, Federal...more
On February 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog discussing improvements made to its services with the goal of providing the same experience to consumers with limited English...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
As forecasted in its 2022 Fall Rulemaking Agenda discussed here, today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comments that would require certain nonbank covered...more
On January 4, the Consumer Financial Protection Bureau (CFPB) issued its 2022 Fall Rulemaking Agenda containing pre-rule, proposed rule, and final rules under consideration. The CFPB releases regulatory agendas twice a year...more
On August 10, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, detailing when digital marketing providers for financial firms must comply with federal consumer financial protection laws....more
When the Consumer Financial Protection Bureau (CFPB or Bureau) unveiled its UDAAP exam manual at the end of March 2022, announcing that it had decided to interpret the word “unfair” in Dodd-Frank to prohibit discrimination,...more