Statute
ECOA
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Consumer Finance and Fintech Blog
CFPB Closes Online Lending Fintech for Violating ECOA and CFPB Consent Order
By Moorari Shah, A.J. Dhaliwal, Matthew Lin
On December 21, an online lending fintech agreed to a stipulated final judgment with the CFPB to resolve a September 2021 complaint alleging that the company deceived consumers and violated…
Consumer Finance Monitor
CFPB/ FTC/DOJ/Federal Reserve Board file joint amicus brief arguing consumers not applying for credit are “applicants” under ECOA
The CFPB, FTC, DOJ, and Federal Reserve Board have filed a joint amicus brief in the U.S. Court of Appeals for the Seventh Circuit urging the court to reverse a…
Consumer Finance Monitor
The CFPB’s new LEP guidance: What does it tell us?
As we recently reported, the CFPB released new guidance on January 13, 2021, in an effort to give industry participants more concrete guidance about how to tackle the sometimes-daunting issue of…
Consumer Financial Services Review
CFPB Issues Guidance on Doing Business with LEP Consumers
On January 13, 2021, the Bureau issued a guidance statement regarding the provision of financial products and services to consumers with limited English proficiency (the Statement). In the Statement, the…
Financial Services Perspectives
FTC’s Comment on ECOA and Regulation B Signals Continued Focus on Small Business Lending
By Bradley
Last year, the CFPB issued a notice and request for information on the Equal Credit Opportunity Act (ECOA) and Regulation B. Specifically, the CFPB sought “comments and information to identify…
Consumer Finance Monitor
CFPB issues compliance assistance sandbox approval for dual-feature credit card
The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program. The CFPB…
Consumer Finance Monitor
CFPB and FTC file joint amicus arguing consumers not applying for credit are “applicants” under ECOA
The CFPB and FTC have filed a joint amicus brief in the U.S. Court of Appeals for the Second Circuit urging the court to reverse a district court ruling that an…
Consumer Finance Monitor
CFPB publishes blog post on providing adverse action notices when using artificial intelligence/machine learning models
The CFPB recently published a blog post titled, “Innovation spotlight: Providing adverse action notices when using AI/ML models.” The blog post primarily recycles information from the Bureau’s annual fair lending…
Consumer FinSights
Supreme Court Decision Likely Expands the Reach of Fair Lending Laws to Protect Sexual Orientation and Gender Identity
In a landmark case last week, the Supreme Court held in Bostock v. Clayton Co., Ga. that the prohibition on sex-based discrimination in employment is violated when an employee is…
All About Advertising Law
Where’s the FTC Headed? FTC Commissioners Call for Rulemaking Amid ECOA Settlement Approval
Last week, the FTC put an end to a New York auto dealer's discriminatory lending practices as the FTC brought its first Equal Credit Opportunity Act ("ECOA") case in over…