News & Analysis as of

Financial Services Industry Regulation B Consumer Lenders

Ballard Spahr LLP

Regulatory Requirements Related to Adverse Action Notifications

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As part of the Federal Reserve Board’s Outlook Live Webinar series, on July 17, 2025, examiners from the Minneapolis and Chicago Federal Reserve Banks hosted a webinar to discuss the regulatory requirements related to adverse...more

Ballard Spahr LLP

Judge refuses to dismiss most reverse discrimination counts in case against Colony Ridge

Ballard Spahr LLP on

Saying that reverse redlining is a form of discrimination, the U.S. District Court for the Southern District of Texas has refused to dismiss a discrimination case alleging that Texas developer Colony Ridge specifically...more

Goodwin

Seventh Circuit Revives CFPB’s ECOA Action Alleging Discrimination Against Prospective Applicants Against Nonbank Lender

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On July 11, the Seventh Circuit held that the Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq. (ECOA) authorizes the imposition of liability for the discouragement of prospective applicants. See CFPB v. Townstone...more

Troutman Pepper Locke

Seventh Circuit Reverses District Court Decision, Expands ECOA to Include Prospective Applicants

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As discussed here, on February 3, 2023, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB or Bureau) in 2020 against Townstone Financial, Inc., a Chicago mortgage lender, for...more

Troutman Pepper Locke

9 Consumer Finance Issues to Note From CFPB Report

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In July, the Consumer Financial Protection Bureau published a report highlighting various unfair, deceptive, and abusive acts or practices it claims to have uncovered during its supervisory examinations from July 2022 to...more

Goodwin

CFPB Files Opening Brief in its Appeal of District Court Ruling that ECOA Applies Only to Applicants

Goodwin on

On June 14, 2020, the Consumer Financial Protection Bureau (CFPB) filed its opening brief in its appeal of a U.S. district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). The CFPB’s...more

Goodwin

Emory Law Journal Reports New Studies That Authors Claim Show Racial Inequities in Lender Advertisements

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A new essay published in the Emory Law Journal argues that two empirical studies of advertising by certain banks and payday lenders in Houston, Texas indicate that payday lenders steer African Americans and Latinos to their...more

Hudson Cook, LLP

CFPB Bites of the Month - September Top 10

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So what happened at the CFPB in the past month? Bite #10 - Trade groups submitted a letter to the House Subcommittee supporting HR 4773 - Nearly 30 trade groups, led by the Consumer Bankers Association (CBA), submitted...more

Goodwin

CFPB Sues Online Lender Over Alleged CFPA and ECOA Violations

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On September 8, 2021 the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against an online lender for alleged violations of a 2016 consent order, the Consumer Financial Protection Act (CFPA),...more

Goodwin

CFPB Issues No Action Letter Related to Use of Artificial Intelligence Underwriting Model

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On November 30, 2020, the Consumer Financial Protection Bureau (CFPB) granted a no-action letter​ to an online loan marketplace company for its artificial intelligence (AI) loan origination and underwriting platform.​ ...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

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