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Tag Archives: Fair Lending

EVENT: DOD’s Expanded Military Lending Act Rules

Posted in Credit Cards, Events, Fair Lending, Military Issues

Thursday, September 3, 2015 2:00 p.m. – 3:00 p.m. EDT Please email cbaker@mofo.com to register for this teleconference. On July 22, 2015, the Department of Defense (DOD) published new rules broadening the scope of current rules implementing the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering… Read More

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

Posted in Credit Cards, Fair Lending, Military Issues

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including installment loans and other closed-end credit products and credit cards… Read More

DOD Adopts Sweeping Changes to Rules Implementing Military Lending Act Provisions

Posted in Credit Cards, Fair Lending, Military Issues

On July 21, 2015, the Department of Defense (DOD) adopted sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both new types of creditors and new credit products, including credit cards. The new rule becomes effective on October 1,… Read More

New Fair Housing Rule

Posted in Fair Lending, Mortgage

HUD today announced a new Fair Housing Act rule to “affirmatively further[] fair housing.”  The Fair Housing Act, passed in 1968, directs HUD to promote fair housing and equal opportunity, including addressing segregated housing patterns.  This new rule “aims to provide all HUD program participants with clear guidelines and data they can use to achieve… Read More

Supervisory Haiku-lights, Summer 2015

Posted in CFPB, Credit Reports, Fair Lending, Mortgage, Supervisory Highlights

Break out the short shorts everybody: it’s summer! We know you could use a palate cleanser between the 50 Shades novels and Game of Thrones wikis you’re reading on the beach. Supervisory Haiku-lights to the rescue! The Summer 2015 issue of Supervisory Highlights includes supervisory observations on consumer reporting, debt collection, student loan servicing, mortgage… Read More

CFPB Issues Final Rule Regarding Nonbank Auto Finance Companies – Vespa Dealers Breathe Sigh of Relief

Posted in CFPB, Fair Lending, UDAAP

Today the CFPB issued its long-awaited final rule regarding larger participants in the nonbank auto finance market that will allow the Bureau to supervise larger nonbank auto finance companies for the first time. The CFPB also released examination procedures that its examiners will use to ensure that auto finance companies are following the law. Currently,… Read More

Disparate Whatever

Posted in Disparate Impact, Fair Lending

The House has approved an amendment aimed at barring the Department of Justice (DOJ) from enforcing the U.S. Department of Housing & Urban Development’s (HUD) fair lending disparate impact rule. The amendment is to H.R. 2578, the Fiscal Year 2016 Commerce, Justice, Science, and Related Agencies Appropriations Act. It would prohibit the DOJ from using… Read More

CFPB Enforcement Actions Take on LO Comp and Fair Lending

Posted in CFPB, Fair Lending, Mortgage

Over the past couple of weeks, the CFPB has kept itself busy in the mortgage origination enforcement arena. In one complaint, the CFPB ordered a residential mortgage lender and its CEO to each pay a $1 million civil penalty for compensating loan originators in a way that allegedly steered borrowers into mortgage loans with higher… Read More

MBA’s Legal Issues and Regulatory Compliance Conference

Posted in Enforcement Actions, Events, Fair Lending, Mortgage

Join Morrison & Foerster Partners Angela Kleine, Don Lampe, and Tom Noto, and Of Counsel Joe Rodriguez for the MBA’s 2015 Legal Issues and Regulatory Compliance Conference. Ms. Kleine is moderating the “Fair Lending and Other Significant Litigation” panel, Mr. Lampe is a speaker on the “Enforcement and Examination Update” panel, Mr. Noto is a speaker on the “Home Mortgage Disclosure Act on the Horizon”… Read More

Supreme Court to Determine Whether ECOA Allows Spousal Guarantors to Challenge Liability

Posted in Fair Lending

On March 2, 2015, the Supreme Court of the United States granted certiorari in Hawkins v. Cmty. Bank of Raymore, 761 F.3d 937 (8th Cir. 2014), cert. granted, No. 14-520, 2015 U.S. LEXIS 1635 (U.S. Mar. 2, 2015)—on appeal from the Eighth Circuit—to decide whether certain guarantors are excluded from the definition of “applicant” under… Read More

Fair Lending Enforcement and Litigation

Posted in Events, Fair Lending

Join MoFo’s Angela Kleine on January 16th for the NBI “Fair Lending Enforcement and Litigation” teleseminar. Course Content includes: The Fair Lending Legal Framework The Enforcement Environment Managing Fair Lending Risk Defending Fair Lending Claims  Continuing Education Credit More information and registration can be found here.  

CFPB White Paper on Methodology for Evaluating Alleged Racial Disparities in Lending

Posted in CFPB, Disparate Impact, Fair Lending

The Equal Credit Opportunity Act (ECOA) forbids discrimination by a creditor on the basis of race, color, religion, national origin, sex, marital status or age. As the Consumer Financial Protection Bureau (CFPB) has acknowledged, particularly in the non-mortgage context, lenders are generally not permitted to collect demographic information about borrowers. But, regulators, including the CFPB,… Read More

This Time’s the Charm? Supreme Court Takes Up Third Disparate Impact Case

Posted in Disparate Impact, Fair Lending

On October 2, 2014, the Supreme Court granted certiorari in Inclusive Communities Project, Inc. v. Texas Department of Housing and Community Affairs, No. 13-1371, to decide whether disparate impact claims are cognizable under the Fair Housing Act (FHA). Of interest, the Court declined to grant cert. on the question of the appropriate standard for evaluating… Read More

Interagency Fair Lending Hot Topics

Posted in Auto Lending, CFPB, Mortgage

This Wednesday, October 22, 2014, federal enforcement and regulatory agencies are hosting an interagency webinar on emerging fair lending issues and hot topics. Representatives from seven agencies—the DOJ, CFPB, FDIC, OCC, Fed, HUD, and NCUA—will participate. The discussion includes the agencies’ expectations for institutions’ compliance management systems and fair lending risk assessments, fair lending risk associated with… Read More

Crack Down on Alleged Maternity Leave Discrimination Continues

Posted in Enforcement Actions, Fair Lending, Mortgage

HUD continues to aggressively police alleged discrimination against mortgage loan applicants who are on parental leave and/or who receive disability income. HUD recently announced a multimillion-dollar settlement with a national bank to resolve allegations that the bank’s home mortgage unit discriminated against women on maternity leave. The bank is paying a total of $165,000 to… Read More