Statute
ECOA
95 published works
Consumer Finance Monitor
CFPB Revises Confusing ECOA Valuations Rule Factsheet
As previously reported, at the end of April 2020, the CFPB issued two factsheets regarding the Equal Credit Opportunity Act (ECOA) and Regulation B provisions that require creditors to provide…
The Fintech Report
Fintech Week in Review: Week of May 8, 2020
Weekly Fintech Focus The CFPB emphasizes flexibility under ECOA for using AI models to make credit decisions. The CFPB issues FAQs to clarify aspects of a creditor’s responsibility to provide…
Consumer Finance Monitor
CFPB issues guidance on compliance with ECOA/Reg B notice requirements for PPP loan applications
On May 6, 2020, the CFPB issued an ECOA/Regulation B “Compliance Aid” containing three FAQs that clarify certain issues related to notification of action taken on Small Business Administration (“SBA”)…
Consumer Finance Monitor
CFPB 2020 fair lending report highlights adverse action notices when using artificial intelligence
By Christopher J. Willis, John L. Culhane, Jr.
The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. While most of the report recycles information about which we have…
Consumer Finance Monitor
FTC offers advice on use of artificial intelligence and algorithms
Andrew Smith, Director of the FTC Bureau of Consumer Protection, has written a blog post, "Using Artificial Intelligence and Algorithms," in which the FTC “offer[s] important lessons about how companies…
Consumer Finance Monitor
Federal Reserve warns about redlining and steering risks from digital targeted advertising
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 stems…
Consumer Finance Monitor
CFPB gives boost to use of alternative data and machine learning
By Christopher J. Willis, John L. Culhane, Jr.
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…
Consumer Finance Monitor
FTC sends 2018 annual ECOA report to CFPB
The FTC has sent its annual letter to the CFPB reporting on the FTC’s activities related to compliance with the Equal Credit Opportunity Act and Regulation B. The FTC has…
Consumer Finance Monitor
ECOA and Small Business Lending: Where Are We?
During Richard Cordray’s tenure as CFPB director, it began to look like we were heading toward an era of much more aggressive application of the Equal Credit Opportunity Act to…
Consumer Financial Services Review
State Attorneys General Blast BCFP’s Rumored Plan to “Reexamine” Disparate Impact Under ECOA
On September 5, 2018, a coalition of 14 state attorneys general, led by North Carolina’s attorney general, Josh Stein, wrote to Acting BCFP Director Mick Mulvaney to express “grave concerns”…