Consumer Finance Podcast Monitor Episode: The Consumer Financial Protection Bureau’s Final Section 1071 Rule on Small Business Data Collection: What You Need to Know, Part II, Guest David Skanderson
Please join Hudson Cook partners Trisha Cacciola and Patty Covington for an update on the current state of ECOA and fair lending regulation under the new administration....more
A group of eleven Republican Senators who are members of the Senate Banking Committee have sent a letter to CFPB Director Rohit Chopra and Attorney General Merrick Garland to urge the CFPB and DOJ to retract the joint...more
On October 12, the CFPB and DOJ issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics...more
Last week, the U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) (collectively, the agencies) issued a joint statement on the subject of creditors’ use of immigration status for eligibility...more
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
The Consumer Financial Protection Bureau (CFPB) recently introduced the Dodd-Frank 1071 Small Entity Compliance Guide, an important resource for financial institutions navigating the mandates of Section 1071 of the Dodd-Frank...more
The Consumer Financial Protection Bureau (“CFPB”) released a regulatory Circular providing guidance regarding the use of “complex algorithms” to assess whether a consumer should be extended credit. Often referred to as “black...more
A federal District Court judge in Nevada has dismissed a case filed by several trade associations against the Commissioner of the Financial Institutions Division (“FID”) of the Nevada Department of Business and Industry and...more
We recently provided an update in a case we’ve been following involving a lawsuit challenging a Nevada statute, SB 311, that allows an applicant for credit with no credit history to request that a creditor treat an...more
The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the...more
The financial services industry had been waiting with bated breath to see how the Consumer Financial Protection Bureau (Bureau) would resume efforts to prescribe rules and give guidance to implement the far-reaching Section...more
Several trade groups, including the American Financial Services Association, Nevada Credit Union League, and Nevada Bankers Association have filed a lawsuit challenging a new Nevada law aimed at allowing credit applicants...more
The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more
On October 1, three trade groups filed a lawsuit in Nevada federal court challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s...more