Statute
ECOA
95 published works
Consumer Finance Monitor
FTC issues annual ECOA report to CFPB
The FTC recently sent its annual letter to the CFPB reporting on the FTC’s activities related to the Equal Credit Opportunity Act (ECOA) and Regulation B. The new letter reports…
Ad Law Access
ECOA and Beyond: Recent Updates and Developments in Discrimination Enforcement
On February 9, the FTC provided the CFPB with its annual summary of activities enforcing the Equal Credit Opportunity Act (ECOA). The release of this summary provides a great opportunity…
Consumer Financial Services Law Monitor
Illinois Federal Court Dismisses CFPB’s Case Against Townstone Financial, Finding ECOA Does Not Extend to Prospective Applicants
By Mark Furletti, Lori Sommerfield, Chris Willis
On February 3, an Illinois federal court dismissed a case brought by the Consumer Financial Protection Bureau (CFPB) against Townstone Financial, Inc., a Chicago mortgage lender, for alleged violations of…
Consumer Finance Monitor
2022 Fair Lending Interagency Webinar looks at redlining, appraisal bias, special purpose credit programs
By Loran Kilson
The Federal Reserve System, through its Consumer Compliance Outlook platform, recently hosted its annual Fair Lending Interagency Webinar. During the session, a variety of fair lending topics were discussed, including…
Consumer Financial Services Law Monitor
CFPB Agrees to March 31, 2023 Deadline for Final Rule Under Section 1071
By Caleb Rosenberg, Chris Willis, Chris Capurso, Mark Furletti, Alan D. Wingfield
The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to a March 31, 2023 deadline to issue a final rule under Section 1071 of Dodd-Frank. Section 1071 amended the Equal…
Consumer Finance Monitor
CFPB agrees to March 31, 2023 deadline for Section 1071 final rule
By Michael Gordon, John L. Culhane, Jr.
The CFPB has agreed to a March 31, 2023 deadline for issuing a final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Section 1071…
Consumer Finance and Fintech Blog
CFPB Affirms Compliance with ECOA Adverse Action Notice Requirements
By Moorari Shah, A.J. Dhaliwal
On May 26, the CFPB published a circular affirming that federal anti-discrimination laws require companies to explain to consumers the specific reason a credit application was denied, even if the…
Consumer Finance Monitor
Why the CFPB’s expansion of its UDAAP authority to target discrimination requires rulemaking
In a new blog post published on the Consumer Law & Policy Blog, Professor Jeff Sovern advocates very strongly in support of interpreting the “unfairness” prong of UDAAP to encompass…
Consumer Finance and Fintech Blog
FTC Imposes Record-Setting $10M Fine Against Multistate Auto Dealer, Settling Charges of Racial Discrimination and Unauthorized Charges
By Moorari Shah, A.J. Dhaliwal
On March 31, the FTC and Illinois State Attorney General announced a settlement of charges against a large, multistate auto dealer that allegedly discriminated against black consumers and included illegal…
The Fintech Report
Fintech Legal Report—Week of February 25, 2022
By Sam Boro, Logan Payne, Perkins Coie
Weekly Fintech Focus The CA DFPI issued an interpretive opinion on an earned wage access product, finding that the structure of the earned wage access program was not a loan…