As part of the Federal Reserve Board’s Outlook Live Webinar series, on July 17, 2025, examiners from the Minneapolis and Chicago Federal Reserve Banks hosted a webinar to discuss the regulatory requirements related to adverse action notifications under the Equal Credit Opportunity Act (ECOA), as implemented by Regulation B, and the Fair Credit Reporting Act (FCRA).… Continue Reading
Regulatory and Enforcement
Federal Judge rejects request to release ESSA Bank from redlining settlement
Posted in Dept. of Justice, Regulatory and Enforcement
A federal judge has rejected the Trump Administration’s request to release from court supervision a bank that had been accused of discriminatory lending.
U.S. District Judge Michael M. Baylson of the U.S. District Court for the Eastern District of Pennsylvania found that continued oversight was needed to make sure the terms of the settlement with ESSA Bank were followed.… Continue Reading
NYC Comptroller calls for strengthening city, state consumer protection laws, regulations
Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and state.
“The Trump Administration’s dismantling of the Consumer Financial Protection Bureau (CFPB)—including the elimination of 90 percent of its staff—will leave millions of Americans more vulnerable to unfair, deceptive, and abusive business practices from lenders and financial institutions of all types,” the comptroller’s office said in releasing a new report.… Continue Reading
More Early Terminations of Redlining Consent Orders
As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the October 2021 redlining consent order with Trustmark National Bank was terminated early, and the DOJ is seeking early termination of the September 2022 consent order with Lakeland Bank.… Continue Reading
DOJ Seeks Early Termination of Lakeland Bank Redlining Consent Order
The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair Housing Act and Equal Credit Opportunity Act. The motion also seeks the dismissal with prejudice of the case that the DOJ brought that resulted in that consent order.… Continue Reading
CFPB Files Rulemaking Items With Office of Management and Budget
Posted in CFPB Rulemaking, Regulatory and Enforcement
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules:
- Loan Originator Compensation Requirements Under the Truth in Lending Act (Regulation Z).
- Discretionary Servicing Rules under the Real Estate Settlement Procedures Act (Regulation X).
- Discretionary Mortgage Servicing Rules Under the Truth in Lending Act (Regulation Z).
Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Supervision
By Ballard CFS Group on
Our podcast show being released today features two former CFPB senior officers who were key employees in the Supervision Division under prior directors: Peggy Twohig and Paul Sanford. Peggy was a founding executive of the CFPB when the agency was created in 2010 and led the development of the first federal supervision program over nonbank consumer financial companies.… Continue Reading
Trustmark Redlining Consent Order Terminated
A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank (Trustmark) and to dismiss with prejudice the redlining case they brought that resulted in that consent order.
As previously reported, the agencies, along with the Comptroller of the Currency, announced the consent order at the same time that the DOJ announced its initiative to combat redlining.… Continue Reading
VA Winding Down VASP Program
By Richard J. Andreano, Jr. on
As previously reported, last year the U.S. Department of Veterans Affairs (VA) launched a Veterans Affairs Servicing Purchase (VASP) program, which VA characterized as a “last-resort tool” for VA home loan borrowers facing severe financial hardships. Pursuant to the program, VA purchases defaulted VA loans, modifies the loans, and then places them in the VA-owned portfolio as direct loans.… Continue Reading
Recent Developments Raise Significant Questions about the Future of Regulation and Enforcement of Cryptocurrency
By Emily Friedman, Terence M. Grugan & Scott Diamond on
Posted in Crypto, Regulatory and Enforcement
Recent developments in the world of crypto have come at a rapid pace to open 2025 not only signaling but, in some instances, explicitly declaring the Trump Administration’s intent to significantly relax or eliminate regulation and enforcement in the crypto markets.
Yet, while the new administration has declared its intent to take a far more hands-off approach to cryptocurrency regulation and enforcement, it is possible all such efforts are not necessarily dead
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