News & Analysis as of

Discrimination › Equal Credit Opportunity Act › Financial Services Industry

Discrimination is prejudicial treatment related to (or inappropriate consideration of) an individual's actual or perceived membership in a particular class, group or category, such as an individual's... more +
Discrimination is prejudicial treatment related to (or inappropriate consideration of) an individual's actual or perceived membership in a particular class, group or category, such as an individual's race, religion, gender, age, to name a few.  less -
Paul Hastings LLP

Disparate Impact Lives: Massachusetts Attacks AI in Lending

Paul Hastings LLP on

On July 10, the Massachusetts attorney general announced a $2.5 million settlement with a Delaware-based student loan company to resolve allegations that the company’s lending practices, including the use of artificial...more

Troutman Pepper Locke

Fifth Circuit Agrees to Dismiss CFPB’s UDAAP Examination Manual Appeal, Aligning with Bureau’s New Regulatory Priorities

Troutman Pepper Locke on

On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more

K&L Gates LLP

Applying Loper Bright, the Seventh Circuit Holds that ECOA Protects Prospective Applicants

K&L Gates LLP on

The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more

Sheppard Mullin Richter & Hampton LLP

DACA Recipient Accuses California Credit Union of ECOA Violations

Sheppard Mullin Richter & Hampton LLP on

On May 3, a California resident filed a class action lawsuit in federal court accusing a Los Angeles-based credit union of discriminatory practices, and raised a civil rights claim under 42 U.S.C. § 1981, and violations of...more

Sheppard Mullin Richter & Hampton LLP

DOJ and North Carolina Attorney General Reach $13.5M Settlement in Discriminatory Lending Case

Sheppard Mullin Richter & Hampton LLP on

On February 5, the DOJ and North Carolina’s attorney general announced a $13.5 million settlement deal with a large regional bank over redlining allegations....more

Cozen O'Connor

CFPB Emphasizes that AI is not Above the Law

Cozen O'Connor on

The CFPB issued guidance for lenders on the use of artificial intelligence (AI) when determining whether or not to extend credit to consumers. The guidance clarifies that creditors relying on AI or other complex credit...more

Cadwalader, Wickersham & Taft LLP

Vice Chair Barr Speaks on Fair Lending in Age of AI

Cadwalader, Wickersham & Taft LLP on

Michael Barr, the Federal Reserve Board’s (“FRB”) Vice Chair for Supervision, delivered remarks, titled “Furthering the Vision of the Fair Housing Act,“ to the National Fair Housing Alliance 2023 National Conference earlier...more

Troutman Pepper Locke

Updated Fair Lending Handbook for the American Association of Bank Directors

Troutman Pepper Locke on

The American Association of Bank Directors (AABD) recently published the second edition of its Practical Handbook on Fair Lending for Bank Directors and Executive Officers (the Handbook), updating the first edition of the...more

Buchalter

Court Rules That CFPB Fair Lending Enforcement Authority Does Not Extend to Prospective Loan Applicants

Buchalter on

According to a Chicago federal district court, the Equal Credit Opportunity Act’s loan discrimination provisions to not extend to alleged discrimination against prospective applicants. Relying on the express language of the...more

Hudson Cook, LLP

Is Different Pricing for Non-Credit Products and Services Illegal Discrimination? Yes, Says the CFPB, Massachusetts, and the FTC

Hudson Cook, LLP on

The Consumer Financial Protection Bureau made news this year when it announced that it considered discrimination to be illegal as an "unfair" practice, including in situations where fair lending laws do not apply. In March,...more

Alston & Bird

Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory

Alston & Bird on

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind...more

Moore & Van Allen PLLC

Federal Agencies Focused on Discriminatory Home Valuation Practices

Moore & Van Allen PLLC on

Late last year, news services reported on the results of the efforts of a black couple living in Northern California to challenge what they believed was an initial, discriminatory low-ball appraisal of their home. To test...more

Sheppard Mullin Richter & Hampton LLP

Regulation by Definition: CFPB Broadens Definition of “Unfairness” to Rein in Discrimination

Sheppard Mullin Richter & Hampton LLP on

In a significant move, the CFPB announced on March 16 a revision to its supervisory operations to address discrimination outside of the traditional fair lending context, with future plans to scrutinize discriminatory conduct...more

McGlinchey Stafford

Regulators Prioritize Fair Lending And Equal Access To Credit

McGlinchey Stafford on

Anyone who has attended a conference that looked at information from regulators within the past few months could not help but notice that a key area of focus is fair lending and equal access to credit... Originally...more

Ballard Spahr LLP

Federal Reserve warns about redlining and steering risks from digital targeted advertising

Ballard Spahr LLP on

One of the most important areas of consumer financial regulation today is the use of internet- or social media-based platforms to target advertising for consumer financial products. ...more

Cadwalader, Wickersham & Taft LLP

The Trump Administration: Change By Executive Action and Inaction

Cadwalader, Wickersham & Taft LLP on

The election of Donald J. Trump as the 45th President of the United States, along with Republican control of the majority of both the House of Representatives and the Senate, will likely result in significant changes in U.S....more

16 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up Log in
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide