CFPB, Federal Agencies, State Agencies, and Attorneys General
On October 29, 2019, the House Financial Services Subcommittee on Oversight and Investigations held a hearing to explore the issue of lending and housing discrimination against members of the LGBTQ+ community. A recording of the hearing is available here.
Six witnesses offered testimony and responded to questions posed by subcommittee members:
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A purported class action filed last week in the U.S. District Court for the Northern District of California, accuses Facebook of discriminating against women and individuals over 40 who were denied advertisements and information about certain financial services opportunities, including those for bank accounts, insurance, and investing.
According to the complaint, Facebook encourages financial…
The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. Such data includes the race, sex, and…
In its proposed disparate impact rule published in today’s Federal Register, HUD sets forth a framework for making (and defending against) claims of disparate impact under the Fair Housing Act. In this blog post, we take a closer look at a new and unique aspect of the proposed rule: its treatment of mathematical models…
HUD’s proposed revisions to its disparate impact rule were published in today’s Federal Register. Comments on the proposal are due on or before October 18, 2019.
Originally adopted in 2013, the rule sets forth the requirements for HUD or a private plaintiff to establish liability under the Fair Housing Act for discriminatory practices based…
A new CFPB blog post titled “An update on credit access and the Bureau’s first No-Action Letter” provides a boost to lenders using alternative data and machine learning in their underwriting models.
The Bureau issued its first (and so far only) no-action letter in September 2017 to Upstart Network Inc. stating that the…
The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court 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 of the Dodd-Frank Act…
The CFPB’s annual fair lending report covering its 2018 activities was published in today’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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The National Association for Latino Community Asset Builders (NALCAB) and two individual small business owners have joined the lawsuit filed against the CFPB in May 2019 by the California Reinvestment Coalition in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank Act violates…
The U.S. Department of Justice announced last Thursday that it had reached an agreement with First Merchants Bank, an Indiana state-chartered bank, to settle the redlining lawsuit that the DOJ filed against the bank on June 13, 2019 simultaneously with a settlement agreement and agreed order.
The agreement represents the second fair lending settlement…
