As previously reported, at the end of April 2020, the CFPB issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any...more
The CFPB recently issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide the applicant with a copy of any written appraisal or other valuation...more
On April 29, 2020, the Consumer Financial Protection Bureau (CFPB) announced an interpretive rule addressing the waiting periods under the Regulation Z right to rescind provisions and the TRID rule in view of COVID-19, and...more
On April 14, 2020, the federal banking agencies announced an interim final rule that will allow for appraisals and evaluations of homes and other real property to be obtained up to 120 days after closing. ...more
HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register. Comments on the proposal are due on or before October 18, 2019. ...more
8/19/2019
/ Affordable Housing ,
Burden-Shifting ,
Comment Period ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Federal Register ,
Housing Discrimination ,
Housing Market ,
HUD ,
Proposed Regulation ,
Race Discrimination ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
The Department of Housing and Urban Development is expected to soon release proposed revisions to its 2013 rule under which HUD or a private plaintiff can establish liability under the Fair Housing Act (FHA) for...more
8/5/2019
/ Affordable Housing ,
Burden-Shifting ,
Congressional Review Act ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
HUD ,
Race Discrimination ,
Regulatory Agenda ,
Rulemaking Process ,
Texas Dept of Housing v Inclusive Communities
In a blog post entitled “How S.2155 (the Bank Lobbyist Act) Facilitates Discriminatory Lending” Professor Adam Levitin claimed that “This bill functionally exempts 85% of US banks and credit unions from fair lending laws in...more
3/19/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
HELOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Proposed Legislation ,
Race Discrimination
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more
1/5/2017
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Services Industry ,
Jurisdiction ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining
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
9/30/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
ECOA ,
Ethnicity ,
Financial Institutions ,
HMDA ,
Housing Market ,
Mortgages ,
Regulation B ,
Regulation C ,
Residential Real Estate Market
The Consumer Financial Protection Bureau (CFPB) and Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair...more
7/22/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Mortgages ,
Race Discrimination ,
Real Estate Market ,
Redlining
The Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the...more
7/11/2016
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgages ,
Popular ,
Race Discrimination ,
Redlining
The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Sage Bank to settle charges that the bank violated the Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) by discriminating on...more
The CFPB has issued a new bulletin (Bulletin 2014-03) that is intended “to remind creditors” of their ECOA/Regulation B obligations with respect to consideration of public assistance income and relevant standards and...more
The question of whether plaintiffs suing under the Fair Housing Act may bring disparate impact claims is back on the U.S. Supreme Court's docket as a result of the Court's decision today to grant certiorari in Mount Holly v....more
The U.S. Department of Justice (DOJ) recently settled a fair lending lawsuit against Texas Champion Bank. This means that, once again, a DOJ attempt to use disparate impact evidence to establish that a lender engaged in a...more
In This Issue:
- Settlement of Michigan Lending Discrimination Lawsuit Underscores Regulatory Focus on Equal Access to Credit
- Industry Employers Should Prepare Now for Health Care Reform
- Title...more
2/6/2013
/ Affordable Care Act ,
Agents ,
Canning v NLRB ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Employer Group Health Plans ,
Equal Access to Credit ,
FFIEC ,
Healthcare ,
Insurance Agents ,
Negligence ,
NLRB ,
Pay or Play ,
Race Discrimination ,
Recess Appointments ,
Richard Cordray ,
Social Media ,
Title Examination ,
Title Insurance ,
Underwriting
Among the flurry of mortgage-related final rules issued by the CFPB this month was a final rule to implement a Dodd-Frank amendment to the Equal Credit Opportunity Act that requires creditors to provide to a first lien...more
The U.S. Department of Justice (DOJ) has reached a settlement with Community Bank of St. Charles, Michigan, in a federal lending discrimination lawsuit filed by DOJ against the bank....more
The Consumer Financial Protection Bureau has issued a final rule to implement Dodd-Frank amendments to the Equal Credit Opportunity Act that require creditors to provide to a first lien mortgage applicant a copy of all...more