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Lenders Fair Lending Consumer Lenders

Sheppard Mullin Richter & Hampton LLP

CFPB Moves Forward with Military Lending Act Enforcement Against Installment Lender 

On March 10, 2025, the CFPB informed the U.S. District Court for the Northern District of Texas that it will proceed with litigation against a short-term installment lender and its subsidiary for alleged violations of the...more

Cooley LLP

Latest CFPB Supervisory Highlights Identify Novel Violations Across Host of Financial Products and Services

Cooley LLP on

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023....more

Venable LLP

Small Business Lenders Data Reporting Obligations Under Section 1071

Venable LLP on

The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...more

Sheppard Mullin Richter & Hampton LLP

Lawsuit Challenges CFPB Reporting Rule for Small Business Lending

On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Nondiscrimination and Military Protection Laws

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2022 applicable to consumers protected by nondiscrimination and military protection laws. The CFPB has historically been particularly active with respect to...more

Ward and Smith, P.A.

Lenders: Take a Hint! Forbearance or Modification Agreements Should Contain Specific Waiver Language to Protect Against...

Ward and Smith, P.A. on

Lenders must comply with a constantly changing series of State and Federal laws and regulations. When loan relationships sour, and lenders seek to collect, borrowers and guarantors may allege the lender has violated some...more

BakerHostetler

Congress Passes Repeal of CFPB Guidance on Indirect Auto Lender Liability for Discriminatory Lending

BakerHostetler on

The U.S. House of Representatives voted last Tuesday to reject a 2013 Consumer Financial Protection Bureau (CFPB) bulletin that provided guidance regarding liability for discrimination in indirect auto lending. The same...more

BakerHostetler

CFPB Auto Lending Rule May Be on the Way Out

BakerHostetler on

An Obama-era regulation intended to restrain discriminatory lending practices by automobile lenders appears to be on its way out. On April 18, under the Congressional Review Act (CRA), the Senate voted to repeal the...more

Foley & Lardner LLP

Senate Votes to Roll Back Auto Industry Lending Guidance from Consumer Financial Protection Bureau

Foley & Lardner LLP on

On April 18, the Senate narrowly passed a resolution to roll back certain guidance issued by the Consumer Financial Protection Bureau in 2013 pertaining to auto lending. As previously written about on a Foley & Lardner LLP...more

McGuireWoods LLP

Senate Votes to Strike Down Key CFPB Bulletin on Lending Discrimination in the Indirect Auto Market

McGuireWoods LLP on

On Wednesday, the U.S. Senate voted almost entirely along party lines to invalidate, under the Congressional Review Act, the Consumer Financial Protection Bureau’s (CFPB) (in)famous 2013 Bulletin on lending discrimination in...more

Ballard Spahr LLP

84 House members urge expedited CFPB action on small business lending data collection rules

Ballard Spahr LLP on

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

Ballard Spahr LLP

Auto Finance Company Agrees to Change Dealer Compensation Policy to Settle CFPB and DOJ Fair Lending Claims

Ballard Spahr LLP on

To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more

Carlton Fields

DOJ And CFPB Team Up To Take On Auto And Mortgage Lenders

Carlton Fields on

The CFPB and the Department of Justice (DOJ) are joining forces to pursue damages and penalties against consumer lenders for violation of the Equal Credit Opportunity Act (ECOA) in pricing consumer loans....more

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