Consumer Protection

At CBA Live, hosted by the Consumer Bankers Association, Dodd Frank Update sat in on a discussion with experts about the next frontier in fair lending: artificial intelligence (AI). The panel of experts discussed the ways AI is being used in fair lending and what regulators are doing in response to this new tool. Read on for more details. Read on »

At CBA Live, hosted by the Consumer Bankers Association (CBA), Dodd Frank Update sat in on a conversation by experts who discussed the Consumer Financial Protection Bureau’s rulemaking for section 1033, the personal financial data access rule. This upcoming rule intends to grant consumers greater access to their personal financial data, as well as regulating the way consumer financial services providers use and store that data.

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The Consumer Financial Protection Bureau released its latest circular which issues a warning to banks about the practice of “reopening” closed accounts to process transactions and apply fees. The circular confirms that engaging in such activity might put banks in violation of the Consumer Financial Protection Act. Read on for more details. Read on »

Following almost two months of efforts to recover from the impact of the Silvergate, Signature, and Silicon Valley Bank collapse, First Republic Bank was taken into receivership by the Federal Deposit Insurance Corp. (FDIC) and sold to JPMorgan Chase. The FDIC has said it will cover a portion of any losses incurred on First Republic’s portfolio of single-family residential mortgage loans. Read on for more details. Read on »

The Consumer Financial Protection Bureau, Federal Trade Commission, the Civil Rights Division of the U.S. Department of Justice, and the Equal Employment Opportunity Commission released a joint statement outlining a commitment to enforce their respective laws and regulations against firms that engage in unlawful discrimination through the guise of artificial intelligence tools. Read on for more details. Read on »

San Francisco-based First Republic Bank released its first quarter earnings report, giving investors a first glimpse at the state of the bank following its near-collapse as a ripple effect of the collapse of Silicon Valley Bank and Signature Bank in early March. In an effort to prevent First Republic’s collapse, national banks issued it a $30 billion in deposits to increase liquidity as depositors and investors acted in fear. Read on for more details. Read on »

The Mortgage Bankers Association filed an amicus brief in a lawsuit alleging an appraiser and a lender violated federal law by lowering the valuation of a home because the owners were Black and by denying a mortgage refinancing application based on that low appraisal. The amicus brief seeks to respond to a statement of interest filed by the Consumer Financial Protection Bureau and the Department of Justice. Read on for more details. Read on »

October Research and Dodd Frank Update hosted industry experts to discuss the nuances and utilities of special purpose credit programs on a recent webinar.

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Department of Housing and Urban Development Secretary Marcia Fudge announced the additional steps that the agency is taking to ensure that otherwise-qualified individuals are not denied housing opportunities solely due to a criminal record. Read on for more details. Read on »

It has recently become public that the Consumer Financial Protection Bureau (CFPB) suffered a data breach earlier this year when a now-former employee of the bureau sent confidential and personal information on more than 250,000 consumers to their own personal email account. The CFPB has referred the matter to the Office of the Inspector General and reported the breach to relevant congressional oversight committees. Read on for more details. Read on »