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Discrimination › 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

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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

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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

GeoDataVision

The Regulators Evolving Approach to Redlining Enforcement

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During the last 15 years there have been notable changes in regulatory enforcement of potential redlining situations. This article addresses those changes....more

Barnea Jaffa Lande & Co.

Call For Public Comment: A Report on AI Use in the Financial Sector

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This month, an interim report on artificial intelligence in the financial sector was published for public comment. The report was written by the Ministries of Justice and Treasury, the Competition Authority, the Securities...more

K&L Gates LLP

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

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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

Orrick, Herrington & Sutcliffe LLP

District Court denies class certification in lending discrimination suit

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On May 30, the U.S. District Court for the Eastern District of Virginia entered an opinion denying class certification in a suit accusing a credit union (defendant) of lending discrimination. Each plaintiff applied to...more

Cadwalader, Wickersham & Taft LLP

Reliable Expectations May 2024 - Diversity in Fund Finance Boundary Breaker Speaker Series with Henry Tang

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The US Diversity in Fund Finance Committee of the Fund Finance Association held the latest event in their Boundary Breaker speaker series this week. The event, co-sponsored by Haynes Boone and Standard Chartered, was a great...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

Cadwalader, Wickersham & Taft LLP

Rooting Out Discrimination In Real Estate Valuation and Appraisal

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The Federal Financial Institutions Examination Council (“FFIEC”) published a statement on February 12, 2024 regarding “principles for the examination of supervised [institutions’] residential property appraisal and...more

Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

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On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more

Orrick, Herrington & Sutcliffe LLP

FFIEC releases statement on examination principles related to discrimination and bias in residential lending

Orrick, Herrington & Sutcliffe LLP on

On February 12, the Federal Financial Institutions Examinations Council (FFIEC) released a statement on “Examination Principles Related to Valuation Discrimination and Bias in Residential Lending.” The statement outlined...more

Ballard Spahr LLP

FFIEC Issues Examination Principles Statement Regarding Valuation Bias

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The Federal Financial Institutions Examination Council (FFIEC) recently issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and...more

Kennedys

New York Department of Financial Services proposes insurance circular letter regarding use of artificial intelligence systems and...

Kennedys on

On January 17, 2024, The New York Department of Financial Services (“DFS”) issued a proposed insurance circular letter regarding insurers’ use of external consumer data and information sources (“ECDIS”) and artificial...more

Sheppard Mullin Richter & Hampton LLP

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

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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

Patterson Belknap Webb & Tyler LLP

New York’s Department of Financial Services Seeks Comment on the Use of Artificial Intelligence in Insurance Underwriting and...

Patterson Belknap Webb & Tyler LLP on

The New York State Department of Financial Services (“DFS”) has entered its voice regarding the use of artificial intelligence (“AI”) by insurers by issuing for public comment a proposed circular letter addressing the use of...more

Morrison & Foerster LLP

AI Executive Order: Consumer Financial Services Touchpoints

Morrison & Foerster LLP on

On October 30, 2023, President Biden issued a wide-ranging Executive Order designed to protect Americans from potential risks associated with artificial intelligence (AI) systems. The Executive Order on the Safe, Secure, and...more

Troutman Pepper Locke

Biden Issues First Executive Order Directing Federal Agencies to Establish New Standards to Promote Safe and Secure Use of AI

Troutman Pepper Locke on

On October 30, President Biden issued a sweeping Executive Order calling on Congress to enact privacy laws and directing federal agencies to review existing rules and potentially explore new rulemakings governing the use of...more

Akin Gump Strauss Hauer & Feld LLP

FCA and PRA Publish Consultation on New Rules Relating to Diversity and Inclusion

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Key Points - -Following a joint Discussion Paper in 2021 issued by the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA), both regulators have now issued Consultation Papers proposing new...more

Alston & Bird

Affirmative Action in Lending: The Implications of the Harvard Decision on Financial Institutions

Alston & Bird on

The U.S. Supreme Court ruling ending race-based admissions at colleges and universities could have a ripple effect on unrelated fields. Our Financial Services & Products Group explores how the Harvard decision could change...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

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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

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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

Cadwalader, Wickersham & Taft LLP

Agencies Issue Proposed Interagency Guidance on Real Estate Appraisal Reconsiderations of Value

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Last week, the Office of the Comptroller of the Currency (“OCC”), Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), and the Consumer Financial...more

Troutman Pepper Locke

Federal Regulators Urge The Appraisal Foundation to Revise Uniform Standards to Explicitly Prohibit Discrimination

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On February 14, Patrice Ficklin, the Fair Lending Director for the Consumer Financial Protection Bureau (CFPB), together with senior officials from the Federal Reserve Board, Office of the Comptroller of the Currency, Federal...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

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