News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Fair Lending Non-Bank Lenders

Ballard Spahr LLP

CFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025

Ballard Spahr LLP on

The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more

Ballard Spahr LLP

CFPB, DoJ take action in redlining cases

Ballard Spahr LLP on

The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more

Sheppard Mullin Richter & Hampton LLP

CFPB Reaches Settlement in Redlining Suit Against Nonbank Mortgage Lender

On November 1, the CFPB filed a proposed stipulated final order that would resolve the Bureau’s pending lawsuit in the Northern District of Illinois against a nonbank mortgage lender and broker for allegedly engaging in...more

Sheppard Mullin Richter & Hampton LLP

CFPB Publishes New Report on State Community Reinvestment Laws

On November 2, the CFPB issued a new report on state Community Reinvestment Act laws. The report found that many states adopted Community Reinvestment Acts (CRAs) similar to the federal Community Reinvestment Act of 1977. The...more

Goodwin

CFPB Files Opening Brief in its Appeal of District Court Ruling that ECOA Applies Only to Applicants

Goodwin on

On June 14, 2020, the Consumer Financial Protection Bureau (CFPB) filed its opening brief in its appeal of a U.S. district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). The CFPB’s...more

Sheppard Mullin Richter & Hampton LLP

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

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

Hinshaw & Culbertson - Consumer Crossroads

Following Fair Lending Investigation, NYS DFS Issues Report, Recommendations, and Mortgage Lender Best Practices

The New York State Department of Financial Services (DFS) issued a report on February 4, 2021, detailing its investigation of the mortgage lending market in the Buffalo metropolitan area. The report includes findings about a...more

Morrison & Foerster LLP

CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected

Recent initiatives by the Consumer Financial Protection Bureau (“CFPB” or Bureau) to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants. These initiatives...more

McNees Wallace & Nurick LLC

Supreme Court Slams The Brakes On Challenge To Disparate Act

As of now, the Equal Credit Opportunity Act (ECOA) prohibits dealers from unintentional, or “disparate impact,” discrimination in setting dealer reserves in auto financing. This disparate impact can result from policies or...more

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