CA Reinvestment Coalition sues CFPB for delaying Section 1071 implementation
The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section...
View ArticleDemocratic Senators seek information about discrimination by lenders using...
Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their...
View ArticleDOJ settles redlining lawsuit against First Merchants Bank
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...
View ArticleNew plaintiffs join lawsuit against CFPB for delaying Section 1071...
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...
View ArticleCFPB 2019 fair lending report highlights alternative scoring models
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...
View ArticleCFPB files answer in lawsuit challenging delay in Section 1071 implementation
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...
View ArticleCFPB gives boost to use of alternative data and machine learning
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....
View ArticleHUD publishes proposed revisions to disparate impact rule
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...
View ArticleTreatment of models under HUD’s proposed disparate impact rule: our thoughts
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...
View ArticleCFPB to hold Nov. 6 symposium on Dodd-Frank Section 1071
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...
View ArticleFacebook class action filed claiming discrimination by financial services...
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...
View ArticleHouse Financial Services Subcommittee on Oversight and Investigations Holds...
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+...
View ArticleThis week’s podcast: Targeted marketing and fair lending risk
In this podcast, we examine the fair lending risk to financial services providers that use targeted marketing. After reviewing what targeted marketing is, the forms it can take, and current...
View ArticleThis week’s podcast: HUD’s proposed changes to its Fair Housing Act disparate...
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...
View ArticleHouse Financial Services Committee announces January hearings on CRA,...
The House Financial Services Committee has announced that it will hold the following hearings this month: On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a...
View ArticleThis week’s podcast: Redlining claims: what is the current risk?
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...
View ArticleFederal Reserve warns about redlining and steering risks from digital...
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...
View ArticleOCC and FDIC extend comment period for proposed amendments to CRA rules
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...
View ArticleThis week’s podcast: Dodd-Frank Act Section 1071 rulemaking: A close look at...
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...
View ArticleCFPB highlights fair lending protections for small businesses impacted by...
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...
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