Consumer Protection

A quartet of advocacy groups is suing the Consumer Financial Protection Bureau over its final rule amending Regulation B, the implementing regulation of the Equal Credit Opportunity Act. The plaintiffs argued that the final rule exceeds the bureau’s statutory authority and relies on “conclusory assertions and speculation.” Read on »

A federal court approved a $110 million settlement to resolve allegations against Wells Fargo claiming the nation’s third-largest bank by asset-size engaged in systemic discrimination through its mortgage lending and hiring practices. The settlement includes the creation of programs benefiting low-and-moderate-income borrowers. Read on »

With federal agencies rolling back rules and guidance that governed fair lending compliance while states are ramping up regulation and enforcement in the fair lending space, calibrating compliance risk mitigation strategies accordingly is a daunting task. A panel of fair lending experts recently discussed the rapidly shifting compliance priorities. Read on »

Just when the Consumer Financial Protection Bureau seemed to be finding something tantamount to stable footing, the agency’s future under the Trump administration is once again in question via challenges in the form of a federal court appeal and Congressional resolutions of disapproval. Read on »

As federal oversight pulls back, banks and mortgage lenders face a more scattered compliance landscape shaped by state regulators and attorneys general (AGs) working to pick up the pieces. Read on »

The Consumer Financial Protection Bureau released a final rule implementing small business lending requirements outlined under Sec. 1071 of the Dodd-Frank Act. The scope of the final rule is significantly narrower than the previous version finalized in March 2023 and leaves open the possibility for future amendments. Read on »

The Consumer Financial Protection Bureau’s (CFPB) final rule revising Regulation B has raised many questions and concerns since its publication. Former CFPB Senior Counsel David Friend, owner of Friend Mortgage Consulting, shared with Dodd Frank Update his thoughts on the rule.  Read on »

The Consumer Financial Protection Bureau (CFPB) issued a final rule amending its implementing regulation for the Equal Credit Opportunity Act on April 21. The rule would narrow the scope of longstanding principles used in fair lending enforcement. Dodd Frank Update conducted a thorough review of the final rule and consulted with former CFPB Senior Counsel Rich Horn, co-managing partner at Garris Horn LLP, for his insight. Read on »

A settlement between the Department of Justice and Colony Ridge Inc. will move forward without federal court approval, after a Texas district court determined the case was “not governed by any federal statute that requires a court order” in a joint stipulated order of dismissal issued on April 10. Read on »

Coming off what could easily be classified as the most tumultuous year of the Consumer Financial Protection Bureau’s existence, some legal experts are hopeful for a more steady approach from the bureau in the foreseeable future and are advising their clients to think twice before diverting resources away from compliance. Read on »