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Consumer Financial Products › Equal Credit Opportunity Act › Creditors

Ballard Spahr LLP

Regulatory Requirements Related to Adverse Action Notifications

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As part of the Federal Reserve Board’s Outlook Live Webinar series, on July 17, 2025, examiners from the Minneapolis and Chicago Federal Reserve Banks hosted a webinar to discuss the regulatory requirements related to adverse...more

Ballard Spahr LLP

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

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The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

Ballard Spahr LLP

7th Circuit Holds ECOA Protections Apply to Prospective Applicants

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In a major win for the CFPB, in CFPB v. Townstone Financial, a panel of the U.S. Court of Appeals for the Seventh Circuit (7th Circuit) recently held that the Regulation B provision prohibiting discrimination under the Equal...more

Ballard Spahr LLP

FTC Complaint Alleges Deception and Discrimination in Fintech’s Subscription Cash Advance Offerings

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On January 2, the Federal Trade Commission (FTC) filed a complaint against FloatMe Corp. (“FloatMe”), a fintech that offers short-term cash advances through its mobile app, alleging violations of the FTC Act, the Restore...more

Saul Ewing LLP

CFPB Issues Guidance on Use of AI in Credit Decisioning

Saul Ewing LLP on

In September, the Consumer Financial Protection Bureau issued guidance on compliance with the Equal Credit Opportunity Act’s adverse action notice requirements for lenders utilizing artificial intelligence in their credit...more

Ballard Spahr LLP

CFPB Revisits Adverse Action Notice Requirements When Using Artificial Intelligence or Complex Credit Models

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In May 2022, the CFPB issued Circular 2022-3 addressing Equal Credit Opportunity Act (ECOA) adverse action notice requirements in connection with credit decisions based on algorithms. The CFPB is now revisiting the issue in...more

Troutman Pepper Locke

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

Troutman Pepper Locke on

When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the...more

Goodwin

CFPB Deems Merchant Cash Advances to Be “Credit” Under ECOA

Goodwin on

The Consumer Financial Protection Bureau’s adopting release for its small business data collection and reporting rule goes beyond that rule by including a discussion deeming merchant cash advances to be “credit” more...more

Sheppard Mullin Richter & Hampton LLP

District Court Dismisses CFPB Redlining Action Against Nonbank, Limits ECOA’s Reach

Sheppard Mullin Richter & Hampton LLP on

On February 3, the U.S. District Court for the Northern District of Illinois issued an opinion and order dismissing with prejudice the CFPB’s complaint for violations of the ECOA against a mortgage lender and its owner...more

Ballard Spahr LLP

CFPB extends comment period for RFI on expanding credit access and further protecting consumers from credit

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The CFPB has extended by 60 days the comment period for its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are...more

Carlton Fields

NAIC Draws Line In CFPB Sand Box

Carlton Fields on

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban of “mandatory arbitration” clauses that make financial product consumers waive their right...more

Dorsey & Whitney LLP

Why Does the CFPB Want to Curb Auto Lenders’ Discretion to Charge Higher or Lower Interest Rates?

Dorsey & Whitney LLP on

On July 14, 2015, the Consumer Financial Protection Bureau (“CFPB”) and Department of Justice (“DOJ”) announced they had reached a “groundbreaking settlement” with American Honda Finance Corporation (“Honda”).(1) The...more

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