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We have been closely following a lawsuit challenging a 2019 Nevada amendment that relates to the treatment of spousal credit history during the credit application process. Senate Bill 311, which went into effect on October 1, 2019, allows an applicant for credit with no credit history to request that the creditor treat the applicant’s credit history as identical to that of the applicant’s spouse during the marriage.… Continue Reading

FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B.

The FTC has authority to enforce the ECOA and Reg. B as to nonbank providers within its jurisdiction.  However, like several of the FTC’s prior letters on its ECOA activities, the letter on 2019 activities does not describe any 2019 FTC ECOA enforcement activity and only contains information about the FTC’s research and policy development efforts and educational initiatives.… Continue Reading

Earlier this month, in Buchholz v. Meyer Njus Tanick, P.A., the U.S. Court of Appeals for the Sixth Circuit affirmed a district court’s decision that a plaintiff who alleged that the defendant had violated the Fair Debt Collection Practices Act (“FDCPA”), failed to allege a concrete injury in fact sufficient to confer Article III standing.… Continue Reading

The three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the applicant’s spouse during the marriage have responded to the motion to dismiss their lawsuit filed by the Commissioner of the Financial Institutions Division (FID) of the Nevada Department of Business and Industry and the Nevada Attorney General. … Continue Reading

The CFPB has filed a cross-motion for summary judgment in the lawsuit filed by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual small business owners seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 violates the Administrative Procedure Act and an order directing the CFPB to issue such regulations within six months. … Continue Reading

The Commissioner of the Financial Institutions Division (FID) of the Nevada Department of Business and Industry and the Nevada Attorney General have filed opposition to the preliminary injunction motion filed by three trade groups in their lawsuit challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the applicant’s spouse during the marriage. … Continue Reading

The Commissioner of the Financial Institutions Division of the Nevada Department of Business and Industry and the Nevada Attorney General have filed a motion to dismiss the lawsuit filed last month in Nevada federal court by three trade groups challenging an amendment to Nevada law that allows an applicant for credit with no credit history to request that the creditor deem the applicant’s credit history to be identical to that of the applicant’s spouse during the marriage. … Continue Reading

The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing entitled “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.” The memo from the Committee’s Majority Staff to Committee Members states that the hearing “will focus on the extent and effects of discrimination against persons who identify as lesbian, gay, bisexual, transgender or queer (“LGBTQ+”) when seeking housing or credit in the United States.… Continue Reading

Tomorrow, October 23, the House Committee on Financial Services will hold a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” The scheduled witness will be Mark Zuckerberg, Chairman and Chief Executive Officer, Facebook. There will be a live webcast of the hearing.

As indicated in the Committee Memorandum, Fair Housing is among the topics to be discussed.… Continue Reading

On September 25, 2019, the CFPB filed a lawsuit in federal district court in Maryland against Maryland-based debt collector FCO Holding, Inc. (“FCO”), its various subsidiaries and Michael E. Sobota, the CEO, president, director, and owner of FCO. According to the lawsuit, FCO and Sobota operate the largest debt-collection company in the multi-unit housing industry, collecting debt on behalf of large apartment complexes, including student and military housing, and assisted-living facilities.… Continue Reading