News & Analysis as of

Enforcement Actions Fair Lending Consumer Financial Products

Troutman Pepper Locke

CFPB Announces 2025 Supervision and Enforcement Priorities

Troutman Pepper Locke on

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025....more

Sheppard Mullin Richter & Hampton LLP

FTC Granted Injunction in Small Business Lending Case 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Troutman Pepper Locke

New Jersey Division on Civil Rights Issues Finding of Probable Cause Against Consumer Financial Services Company for...

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On March 11, New Jersey Attorney General (AG) Matthew Platkin and the New Jersey Division on Civil Rights (DCR) announced that DCR issued a finding of probable cause against Advance Funding Partners/Same Day Funding (Advance...more

Goodwin

2024 Year in Review: Mortgage Origination and Servicing

Goodwin on

With the change in administration, enforcement actions at the federal level are expected to decrease, reflecting President Trump’s focus on deregulation. Indeed, during President Trump’s first term, the number of enforcement...more

Farrell Fritz, P.C.

You’re Gonna Need a Bigger Boat: Criminal Usury Statutes Prevent Loan Sharks

Farrell Fritz, P.C. on

Under CPLR 3213, a plaintiff can move for summary judgment in lieu of complaint which, under the right circumstances, serves as a useful tool to avoid extensive litigation and obtain speedy relief. Recently, in JADR...more

Troutman Pepper Locke

UDAAP and Fair Lending Developments: 2024 Year-in-Review and 2025 Predictions — The Consumer Finance Podcast

Troutman Pepper Locke on

In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss...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

Ballard Spahr LLP

CFPB seeks approval of Townstone Financial order

Ballard Spahr LLP on

Following lengthy litigation, the CFPB is attempting to close the books on its case against Townstone Financial alleging discriminatory lending practices and redlining African American neighborhoods in Chicago....more

Troutman Pepper Locke

CFPB Reaches Settlement with Townstone Financial, Inc.

Troutman Pepper Locke on

In a significant development, the Consumer Financial Protection Bureau (CFPB or Bureau) has finally reached a settlement with Townstone Financial, Inc. (Townstone) in the first redlining case brought against a nonbank...more

Troutman Pepper Locke

New Jersey Attorney General Releases Report on Republic First Bank’s Unlawful Redlining Practices

Troutman Pepper Locke on

On October 29, New Jersey Attorney General Matthew Platkin and the state’s Division on Civil Rights (DCR) released a report detailing the findings of a multi-year investigation into Republic First Bank (Republic) and its...more

Troutman Pepper Locke

DOJ and CFPB Announce Landmark Redlining Settlement With Fairway Independent Mortgage Corporation

Troutman Pepper Locke on

On October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement...more

Troutman Pepper Locke

DOJ Reaches Historic Multi-Million Dollar Redlining Settlement With Citadel Federal Credit Union

Troutman Pepper Locke on

On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This...more

Ballard Spahr LLP

Citadel FCU is first credit union to settle DOJ redlining complaint

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The Justice Department announced that Citadel Federal Credit Union has agreed to pay more than $6.5 million to resolve allegations that it engaged in a pattern or practice of redlining majority-Black and Hispanic...more

GeoDataVision

Is Fair Lending Enforcement Fair Today? Part II

GeoDataVision on

Previously, I have written about regulatory enforcement of anti-redlining regulations. I pointed out the problems and potentially misleading statistical conclusions caused by the application of what is called a “REMA” or...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Hudson Cook, LLP

[Webinar] CFPB Bites of the Month: The CFPB Shines Like the 4th of July - July 17th, 12:30 pm ET

Hudson Cook, LLP on

Please join Eric Johnson and Justin Hosie as they recap recent CFPB actions and enforcements, including negative equity findings from the Auto Finance Data Pilot; compliance dates for the Small Business Lending Rule; the...more

Ballard Spahr LLP

OIG report finds CFPB can enhance certain aspects of its enforcement investigations process

Ballard Spahr LLP on

The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations.  OIG concluded that the CFPB can enhance...more

Troutman Pepper Locke

At Fair Lending Conference, DOJ Officials Discuss the “Combatting Redlining Initiative”: Progress Made and the Road Ahead

Troutman Pepper Locke on

Last week, the annual Community Reinvestment Act & Fair Lending Colloquium took place in Austin, Texas. Two officials from the U.S. Department of Justice (DOJ) discussed in detail the “Combatting Redlining Initiative” led by...more

Ballard Spahr LLP

DOJ Redlining Consent Order With Ameris Bank

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Recently the U.S. Department of Justice (DOJ) entered into a proposed consent order with Ameris Bank to resolve allegations of redlining from 2016 through 2021 in majority Black and Hispanic areas in the Bank’s Jacksonville,...more

Troutman Pepper Locke

DOJ Announces Two More Multi-Million Dollar Redlining Settlements, States Two Dozen More Active Investigations Underway

Troutman Pepper Locke on

In the last three weeks, the U.S. Department of Justice (DOJ) reached two more settlements with lenders under its Combatting Redlining Initiative, which began in October 2021. On September 27, the DOJ announced that...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues 2023 Consumer Compliance Supervisory Highlights

On April 5, the FDIC released the March 2023 edition of the Consumer Compliance Supervisory Highlights, which is intended to “enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide...more

Orrick, Herrington & Sutcliffe LLP

DOJ announces $9 million redlining settlement with Ohio bank

On February 28, the DOJ announced a settlement with an Ohio-based bank to resolve allegations that the bank engaged in a pattern or practice of lending discrimination by engaging in “redlining” in the Columbus metropolitan...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

Orrick, Herrington & Sutcliffe LLP

District Court dismisses CFPB redlining action against nonbank lender

On February 3, the U.S. District Court for the Northern District of Illinois dismissed with prejudice claims that a Chicago-based nonbank mortgage company and its owner violated ECOA by engaging in discriminatory marketing...more

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