A&B ABstract: A year and a half after President Biden’s announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”), the past weeks have seen a flurry of activity from federal agencies and the Appraisal Foundation to address issues of bias in residential property appraisal. What should lenders, servicers, and appraisers know? […]
Consumer Financial Protection Bureau (CFPB)
District Court Dismisses CFPB’s Redlining Case Against Townstone Financial
A&B ABstract: On Friday, in the CFPB v. Townstone Financial fair lending case, the U.S. District Court for the Northern District of Illinois dismissed with prejudice the complaint filed by the Consumer Financial Protection Bureau (CFPB), holding that the plain language of the Equal Credit Opportunity Act (ECOA) does not prohibit discrimination against prospective applicants. […]
CFPB Issues Proposed Rule to Establish Public Registry of Supervised Nonbank Form Contract Provisions that Waive or Limit Consumers’ Legal Protections
A&B ABstract: On January 11, 2023, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced a proposed rule to establish a public registry and require nonbanks supervised by the agency to register their use of certain terms and conditions contained in “take it or leave it” form contracts for consumer financial products or services […]
Trends in Enforcement and Recommendations on Protecting Financial Institutions
In his 2022 speech “Reining in Repeat Offenders” at the Distinguished Lecture on Regulation at the University of Pennsylvania Law School, the director of the Consumer Financial Protection Bureau (CFPB) stated that “[a]chieving general deterrence is an important goal for the CFPB” and “the role of individual liability cannot be discounted.” To that end, the […]
CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”
A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or judgment imposing obligations based on violations of certain consumer protection laws. The CFPB also proposes to maintain a public online […]