CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has filed its first status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act.
Section 1071 amended the ECOA to require financial institutions to…
The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. While most of the report recycles information about which we have previously blogged, it does contain the following noteworthy information:
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After looking at how the 2008 financial crisis and its aftermath might inform regulators’ response to the pandemic, we discuss how collections, loss mitigation/hardship programs, and originations of existing products and new programs designed to assist pandemic-impacted consumers (including changes to credit risk/fraud models to address the pandemic’s effects) can create UDAP and fair lending…
In a new blog post, the CFPB highlights fair lending protections available to small businesses that have been impacted by the COVID-19 pandemic, particularly minority and women-owned businesses.
While the blog post emphasizes the CARES Act Paycheck Protection Program, it is intended to address all credit programs available to small businesses. It contains a…
We are joined by Nitin Shah of Democracy Forward, attorney for the plaintiffs in the lawsuit brought to compel the CFPB to issue rules implementing Section 1071 of the Dodd-Frank Act. Section 1071 requires financial institutions to collect and report race, ethnicity, and other data in connection with credit applications made by women-or minority-owned and…
The OCC and FDIC announced yesterday that they have extended the 60-day comment period for their joint proposal to revise their regulations implementing the Community Reinvestment Act that was published in the Federal Register on January 8, 2020. As extended by 30 days, the comment period ends on April 8, 2020.
The California Reinvestment Coalition,…
One of the most important areas of consumer financial regulation today is the use of internet- or social media-based platforms to target advertising for consumer financial products. Its importance stems from the fact that financial services companies can obtain significant benefits from directing advertising to those consumers most likely to be interested in a product,…
In this podcast, after reviewing what redlining is, we look at which regulators have made it a focus, factors they consider when looking for redlining, whether those factors apply to nonbanks and how nonbanks can assess and reduce risk. We also discuss emerging theories of digital redlining.
Click here to listen to the podcast.
The House Financial Services Committee has announced that it will hold the following hearings this month:
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Our podcast looks at the proposed changes to HUD’s rule for establishing liability under the FHA for discriminatory practices based on disparate impact even without discriminatory intent. We discuss the proposal’s history, five-part burden-shifting framework, available defenses (looking closely at those for models used to assess credit risk), and HUD’s likely next steps.
