News & Analysis as of

Consumer Financial Protection Act (CFPA) Unfair or Deceptive Trade Practices Equal Credit Opportunity Act

Orrick, Herrington & Sutcliffe LLP

CFPB takes action against mortgage company for discriminatory mortgage lending practices

On January 17, the CFPB released its complaint and proposed consent order against a nondepository mortgage company, alleging violations of the ECOA and Regulation B as well as the CFPA. The CFPB seeks to enjoin the company...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

Pursuant to Consent Order with CFPB, National Bank to Pay $25.9 Million for Alleged Discrimination Against Armenian Americans

Goodwin on

​​​​​​​O​n November 8, 2023, the CFPB and a national bank entered into a consent order​ to resolve allegations that the bank engaged in intentional discrimination against Armenian Americans who had applied for credit cards...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 17, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

Texas Federal District Court invalidates CFPB Exam Manual changes which opined that discrimination is a UDAAP violation

Ballard Spahr LLP on

As we predicted long ago, on Friday, September 8, 2023, the Federal District Court for the Eastern District of Texas vacated the changes made in March 2022 to the CFPB’s Exam Manual. On that date, the CFPB purported to use...more

Goodwin

Overdraft Protection Programs: Risk Management Practices

Goodwin on

Regulatory Developments - Overdraft Protection Programs: Risk Management Practices - On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more

Hudson Cook, LLP

CFPB Expands UDAAP Authority to Include Discrimination

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On March 16, 2022, the Consumer Financial Protection Bureau ("CFPB") announced in a press release changes to its supervisory operations that may dramatically expand the reach of the CFPB's anti-discrimination mandate....more

Wiley Rein LLP

Wiley Consumer Protection Download (April 18, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cadwalader, Wickersham & Taft LLP

CFPB Will Begin Using UDAAP Authority to Address Discrimination in Wide Array of Consumer Financial Products

On March 16, the Consumer Financial Protection Bureau (CFPB) announced that it would begin examining financial institutions for discriminatory practices under its authority to prohibit unfair, deceptive, or abusive acts or...more

Davis Wright Tremaine LLP

CFPB to Use "Unfairness" to Address Gaps in Antidiscrimination Coverage

On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) issued a press release and an updated UDAAP exam manual setting forth its intentions to use the Consumer Financial Protection Act's (CFPA) prohibition against...more

Venable LLP

CFPB Officially Adds UDAAP to Its Anti-Discrimination Tool Kit

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The CFPB intends to use its authority under the Consumer Financial Protection Act to identify, prohibit, and prosecute discrimination as a UDAAP - an "unfair" act or practice in any financial services category, whether it be...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 24, 2022)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Wiley Rein LLP

Wiley Consumer Protection Download (November 29, 2021)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

FTC continues vigorous use of enforcement authority

Ballard Spahr LLP on

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

Carlton Fields

CFPB Reports Continued Mortgage Servicing and Other Violations of Consumer Financial Law

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In its Supervisory Highlights released earlier this summer, the CFPB reported its examination observations in consumer reporting, debt collection, mortgage origination and servicing, fair lending, and student loan servicing....more

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