News & Analysis as of

Civil Rights Act Financial Services Industry

Ballard Spahr LLP

Disparate Impact Executive Order and HUD to Reconsider Disparate Impact Rule

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President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more

Troutman Pepper Locke

President Trump Issues Executive Order to Eliminate Disparate Impact Analysis

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President Donald J. Trump issued an executive order titled “Restoring Equality of Opportunity and Meritocracy.” This order aims to eliminate the use of disparate impact liability in all contexts, emphasizing the importance of...more

Ballard Spahr LLP

Federal Reserve Identifies Top Fair Lending Violations

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In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more

Seward & Kissel LLP

Financial Services Firm Affiliates Settle Five SEC Enforcement Actions for Allegedly Misleading Customers and Failing to Act in...

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Who may be interested: Registered Investment Companies; Registered Investment Advisers; Broker Dealers; Compliance Officers; Boards of Directors - Quick Take: The SEC recently settled five separate enforcement proceedings...more

Ballard Spahr LLP

A fresh idea for the consumer financial services industry

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I have been thinking about what the banking and consumer financial services industry might do to deter state attorneys general and banking agencies from seeking to enforce statutes or promulgating regulations that run afoul...more

Ballard Spahr LLP

Walden University Agrees to Proposed Settlement to Resolve Reverse Redlining Claims

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On March 28, 2024, four former Walden University students (“Plaintiffs”) filed a proposed settlement both individually and on behalf of a putative class of current and former Walden University (“Walden”) students with the...more

Ballard Spahr LLP

Republican and Democratic Attorneys General spar over implications for private employers of SCOTUS ruling on affirmative action

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As expected, the U.S. Supreme Court’s ruling in the Students for Fair Admissions Inc.’s lawsuit against Harvard University and the University of North Carolina, which challenged the constitutionality of the universities’ race...more

Ballard Spahr LLP

AI Users Beware: Baked-In Bias Abounds, and You Could Be Liable for It

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Summary - Senate Bill 5351, introduced in December 2022, would create liability for covered entities that incorporate artificial intelligence systems into processes....more

Dorsey & Whitney LLP

The Supreme Court Update - June 30, 2023

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Today, in the last day of the 2022-2023 term, the Supreme Court of the United States issued three decisions: Department of Education v. Brown, No. 22-535; Biden v. Nebraska, No. 22-506: These cases addressed suits...more

Hudson Cook, LLP

Equality in Credit Decisions – “Sex” DOES include Sexual Orientation and Gender Identity

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In 2020, the Supreme Court held in Bostock v. Clayton County, Georgia that an employer who fires an employee for being gay or transgender violates the Civil Rights Act of 1964 (“Title VII”). Though the list of protected...more

Ballard Spahr LLP

CFPB Issues Interpretive Rule Clarifying that Sex Discrimination under ECOA and Regulation B Includes Sexual Orientation and...

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Under the leadership of Acting CFPB Director Dave Uejio, the Bureau issued an interpretive rule on March 9, 2021 clarifying that the prohibition against sex discrimination under the Equal Credit Opportunity Act (“ECOA”) and...more

Cooley LLP

Alert: CFPB Clarifies That Prohibition Against Sex Discrimination Includes Sexual Orientation and Gender Identity

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The US Consumer Financial Protection Bureau continues to focus on fair lending and is poised to increase enforcement actions. On March 9, the CFPB issued an interpretive rule to clarify that the prohibition against sex...more

Ballard Spahr LLP

SCOTUS decision on Title VII sexual orientation discrimination has significant implications for credit arena

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Earlier this week, in Bostock v. Clayton County, Georgia, the U.S. Supreme Court ruled that firing an employee for being homosexual or transgender constitutes discrimination based on the employee’s sex in violation of Title...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Q2 saw US growth hit the 3% mark for the first time in two years, besting last quarter’s lackluster showing by almost 2%. The report helped boost stocks across the board....more

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