Statute
ECOA
95 published works
Consumer Finance and Fintech Blog
CFPB Proposed Rule Dramatically Revises ECOA
By A.J. Dhaliwal, Mehul Madia, Maxwell Earp-Thomas
On November 13, the CFPB issued a sweeping proposed rule to overhaul Regulation B, arguably the most far-reaching ECOA rewrite in the agency’s history. The proposal would eliminate disparate-impact liability under ECOA,…
Consumer Finance Monitor
Regulatory Requirements Related to Adverse Action Notifications
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…
Consumer Financial Services Review
Court Declines to Allow CFPB to Vacate Townstone Settlement
By Kris D. Kully, Christa L. Bieker
On June 12, 2025, Judge Valderrama of the federal district court for the Northern District of Illinois denied the joint motion to vacate the stipulated final judgment reached between the…
Consumer Finance Monitor
Court Denies CFPB/Townstone Bid to Undo Consent Order
By Richard J. Andreano, Jr., John L. Culhane, Jr.
As previously reported, in March 2025 the CFPB and Townstone Financial (Townstone) filed a joint motion with a U.S. District Court seeking to reverse the November 2024 consent order between…
Consumer Financial Services Review
CFPB Seeks to Vacate Townstone Redlining Settlement
By Tori K. Shinohara, Christa L. Bieker, Kris D. Kully
In an unprecedented move, the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Acting Director is seeking to vacate the Bureau’s settlement with Townstone Financial (“Townstone” or the “Company”), which was…
Consumer Finance and Fintech Blog
CFPB Takes Action Against Illinois Mortgage Lender for Redlining Violations
By A.J. Dhaliwal, Mehul Madia, Maxwell Earp-Thomas
On January 17, 2025, the CFPB filed a complaint against an Illinois-based non-depository mortgage lender for allegedly engaging in discriminatory practices. The CFPB alleges the lender engaged in improper redlining…
Consumer Financial Services Law Monitor
CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models
By Mark Furletti, Lori Sommerfield, Chris Willis, Lane Page, David N. Anthony
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. This edition of…
Financial Services Perspectives
Appeals Court Holds ECOA Liability Extends to Prospective Applicants
By Andrew J. Narod, R. Aaron Chastain, Keith S. Anderson, Britney M. Crawford
On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al.…
Consumer Financial Services Law Monitor
CFPB and DOJ File Lawsuit Against Housing Developer/Lender Over Targeting Hispanic Borrowers with Alleged False Statements and Predatory Loans
By Brooke Conkle, Tim J. St. George, Chris Willis, Alan D. Wingfield, Lori Sommerfield
On December 20, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge),…
Global Financial Regulatory Blog
CFPB and DOJ Release Joint Statement on Fair Lending and Credit Opportunities for Noncitizen Borrowers
The joint statement provides helpful guidance on the civil rights implications of considering an individual’s immigration status under the ECOA. By Parag Patel, Justin Talarczyk, and Deric Behar On October 12,…