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Equal Credit Opportunity Act (ECOA)

Is the DOJ (De Facto) Enforcing the Community Reinvestment Act?

October 18, 2022 By Caroline Eisner

A&B Abstract: Furthering the Justice Department’s Combating Redlining Initiative, the Department of Justice has announced another redlining settlement.  But this settlement is different – this one involves a bank that has received top marks by its prudential regulator, the Federal Deposit Insurance Corporation (FDIC), for its compliance with the Community Reinvestment Act (CRA), a statute […]

Filed Under: Banking Regulatory Agencies, Community Reinvestment Act, Department of Justice, Equal Credit Opportunity Act (ECOA), Fair Housing Act, Mortgage Loans Tagged With: #redlining, DOJ, Fair Lending

Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory

June 28, 2022 By Consumer Finance Team

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind recent revisions made to its UDAAP examination manual that had effectuated the CFPB’s controversial theory that alleged […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Federal Trade Commission (FTC), Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPB, UDAAP

CFPB Continues Scrutiny of Algorithmic Technology

June 8, 2022 By Josh Dhyani and Consumer Finance Team

On May 26, 2022 the Consumer Financial Protection Bureau released a Consumer Financial Protection Circular stating that creditors utilizing algorithmic tools in credit making decisions must provide “statements of specific reasons to applicants against whom adverse action is taken” pursuant to ECOA and Regulation B. The CFPB previously stated that circulars are policy statements meant […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Equal Credit Opportunity Act (ECOA), Fintech Tagged With: #CFPB, AI, Fair Lending, machine learning

CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA

February 26, 2022 By Brian Johnson and Melissa Malpass

Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) to instruct the CFPB, Fed, OCC, FDIC, NCUA, and FHFA (collectively, the “agencies”) to jointly develop regulations for quality control standards for automated valuation models (“AVMs”), defined as “any computerized […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Equal Credit Opportunity Act (ECOA), Supreme Court Decisions Tagged With: #CFPB, Fair Lending

Modern-Day Redlining Enforcement: A New Baseline

October 28, 2021 By Nanci Weissgold, Melissa Malpass and Anoush Garakani

On October 22, 2021, the U.S. Department of Justice (DOJ) announced an aggressive new initiative, in collaboration with U.S. Attorneys’ Offices throughout the country, to combat the practice of redlining. Three days prior, the Consumer Financial Protection Bureau (CFPB) was said to be hiring up to 30 new enforcement attorneys to focus on redlining and […]

Filed Under: Banking Regulatory Agencies, Consumer Financial Protection Bureau (CFPB), Equal Credit Opportunity Act (ECOA), Mortgage Loans Tagged With: #CFPB, #redlining, disparate treatment, DOJ, Fair Lending

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Recent Posts

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