Lauren M. Hilsheimer

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On March 24, 2017, the Consumer Financial Protection Bureau (CFPB) proposed amendments to Regulation B to “provide additional flexibility for mortgage lenders concerning the collection of consumer demographic information.”  The amendments were also necessary to resolve the current rule and timing differences between Regulation B (Equal Credit Opportunity Act (ECOA)) and Regulation C (Home Mortgage Disclosure Act (HMDA)). Regulation B implements the ECOA, a federal civil rights law prohibiting lenders from discriminating against credit applicants…
The Consumer Financial Protection Bureau (CFPB) recently released a final rule amending the dollar thresholds in Regulation Z, which implements the Truth in Lending Act (TILA). The CFPB’s final rule has two primary effects. First, the final rule adjusts select dollar amounts in accordance with the annual change reflected in the Consumer Price Index – a 1.1 percent increase, effective June 1, 2016. These changes simply apply the method formerly established in Regulation Z for…
On April 6, 2016, the Federal Deposit Insurance Corporation (FDIC) rescinded Financial Institution Letter (FIL) 50-2009, titled “Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.” In its press release announcing the rescission, the FDIC explained that FIL 50-2009 was issued during the financial crisis when a number of newly insured institutions had either failed or been identified as problem banks. FIL 50-2009 extended the de novo period from three to seven years for newly…
On March 22, 2016, in Hawkins v. Community Bank of Raymore, No. 14–520, the United States Supreme Court upheld the Eighth Circuit’s decision that spousal guarantors could not bring a discrimination claim against creditors under the Equal Credit Opportunity Act (“ECOA”) because the guarantors did not qualify as “applicants” protected by the ECOA. See Hawkins v. Comty. Bank of Raymore, 761 F.3d 937 (8th Cir. 2014) (“Eighth Circuit’s Decision” or “Hawkins”). The Court’s decision was…