News & Analysis as of

Mortgage Lenders Borrowers Equal Credit Opportunity Act

Bradley Arant Boult Cummings LLP

Litigation Risk for Mortgage Lenders with a Less Active CFPB

With the recent developments at the Consumer Financial Protection Bureau (CFPB), many mortgage lenders have been left wondering about the extent to which the CFPB will enforce federal laws governing the mortgage lending...more

Sheppard Mullin Richter & Hampton LLP

Second Circuit Upholds Reverse Redlining Verdict Against Mortgage Lender

On February 14, a divided Second Circuit panel upheld a 2016 jury verdict which found that a mortgage lender violated, among other laws, the Equal Credit Opportunity Act (“ECOA”) by engaging in “reverse redlining” when it...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes final judgment addressing discriminatory practices in mortgage lending

On November 1, the CFPB filed a proposed stipulated final judgment and order against a nonbank retail-mortgage creditor and broker based in Chicago, which, if approved by the court, would prohibit the defendant from engaging...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

Alston & Bird

CFPB Issues Warning to Mortgage Servicing Industry

Alston & Bird on

A&B ABstract: On April 1, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued a Compliance Bulletin and Policy Guidance (the “Bulletin”) on the Bureau’s supervision and enforcement priorities with...more

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