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Fair Lending Regulatory Oversight

Goodwin

The Evolving Landscape of AI Regulation in Financial Services

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Artificial intelligence (AI) is increasingly woven into financial services operations, transforming everything from consumer interactions through chatbots and targeted marketing to essential functions like underwriting,...more

Ballard Spahr LLP

Acting Comptroller Hsu Highlights Latest Efforts of OCC in Elevating Financial Fairness

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On April 4, acting Comptroller of the Currency Michael J. Hsu provided his remarks for the second year in a row at the Just Economy Conference hosted by the National Community Reinvestment Coalition. He focused his remarks on...more

Perkins Coie

Fintech Week in Review - April 2021 #2

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FDIC Consumer Compliance Supervisory Highlights Fair Lending Risks - The Federal Deposit Insurance Corporation (FDIC) has issued the March 2021 edition of its Consumer Compliance Supervisory Highlights. The publication was...more

Morgan Lewis

CFPB’s New Acting Director Signals Significant Shifts in Agency Direction, Policies, and Priorities

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Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more

Ballard Spahr LLP

CFPB issues Fall 2019 Semi-Annual Report to Congress

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The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more

Ballard Spahr LLP

House Financial Services Subcommittee on Oversight and Investigations Holds Hearing on Lending and Housing Discrimination Against...

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On October 29, 2019, the House Financial Services Subcommittee on Oversight and Investigations held a hearing to explore the issue of lending and housing discrimination against members of the LGBTQ+ community....more

Ballard Spahr LLP

CFPB files answer in lawsuit challenging delay in Section 1071 implementation

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The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more

Ballard Spahr LLP

CA Reinvestment Coalition sues CFPB for delaying Section 1071 implementation

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The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more

Ballard Spahr LLP

CFPB hints at possible disparate impact rulemaking

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On October 17, the Bureau released its Fall 2018 Rulemaking Agenda, but it included a surprise for those interested in fair lending.  Under the section of the associated blog post entitled “Future Planning” appears the...more

Ballard Spahr LLP

ECOA and Small Business Lending: Where Are We?

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During Richard Cordray’s tenure as CFPB director, it began to look like we were heading toward an era of much more aggressive application of the Equal Credit Opportunity Act to small business lending. ...more

Ballard Spahr LLP

Top CFPB officials describe recent changes at the Bureau

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On May 7, 2018, at the Practicing Law Institute’s 23rd Annual Consumer Financial Services Institute in Chicago, panel members Kristen Donoghue, the CFPB’s top enforcement official, and Allison Brown, from the Bureau’s Office...more

Troutman Pepper Locke

The CFPB Under New Leadership: What to Expect in 2018

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Speculation about the future of the Consumer Financial Protection Bureau (CFPB) has been ever-present since Donald Trump’s victory in the 2016 Presidential election was first announced. Originally published in Delaware...more

Ballard Spahr LLP

Democratic lawmakers seek information about reorganization of CFPB Office of Fair Lending

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A group of Democratic Senators and House members have sent a letter to Mick Mulvaney and Leandra English expressing concern about Mr. Mulvaney’s announcement that he plans to reorganize the CFPB’s Office of Fair Lending...more

Ballard Spahr LLP

Mulvaney reorganizes CFPB Office of Fair Lending

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In an email to CFPB staff, Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has indicated that he plans to make changes to the CFPB’s organizational structure to best enable the CFPB to fulfill its...more

Troutman Pepper Locke

Recent Congressional Review Act Developments Could Have Far-Reaching Effects

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On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more

Ballard Spahr LLP

GAO determination that leveraged lending guidance is subject to CRA could foreshadow similar fate for CFPB indirect auto finance...

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In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more

Ballard Spahr LLP

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

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A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

Ballard Spahr LLP

PLI 22nd Annual Consumer Financial Services Institute – 25 Percent Discount Available

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We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

Ballard Spahr LLP

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

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The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

Ballard Spahr LLP

PLI 22nd Annual Consumer Financial Services Institute – 25% Discount Available

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We are pleased to invite you to the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, March 27-28, 2017, in New York City (and by live webcast and groupcast in Atlanta and...more

Ballard Spahr LLP

CFPB representatives to be featured at 22nd Annual PLI Consumer Financial Services Institute

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The 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on March 27-28, 2017 in New York City (and by live webcast and groupcast in Atlanta; Philadelphia, Pittsburgh,...more

Goodwin

OCC Hosts Forum on Responsible Innovation

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On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among...more

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