Last week, a court decision dealt a significant blow to the Consumer Financial Protection Bureau’s enforcement authority—and it has broad implications for the nation’s independent mortgage banks as well.
Tag: Equal Credit Opportunity Act
CFPB Loses Key IMB Redlining Case
On Friday, a District Court in Chicago ruled in CFPB v. Townstone Financial Inc. and Barry Sturner that the Equal Credit Opportunity Act does not extend to prospective applicants under a plain language reading of the statute.
CFPB: ECOA Protects Borrowers After Applying for, Receiving Credit
The Consumer Financial Protection Bureau on Monday published an advisory opinion affirming the Equal Credit Opportunity Act—a federal civil rights law protecting individuals and businesses against discrimination in accessing and using credit—bars lenders from discriminating against customers after they have received a loan, not just during the application process.
MBA Commends HUD Guidance on Special Purpose Credit Programs
HUD on Dec. 7 released guidance clarifying special purpose credit programs that conform with the Equal Credit Opportunity Act and Regulation B generally do not violate the Federal Fair Housing Act.
MBA Urges Federal Agencies to Clarify How AI Technologies Apply to Regs
The Mortgage Bankers Association last week asked federal regulatory agencies to clarify how existing fair lending and the Equal Credit Opportunity Act adverse action notification requirements apply to Artificial Intelligence technologies.
CFPB: Discrimination Illegal by Lenders on Basis of Sexual Orientation, Gender Identity
The Consumer Financial Protection Bureau on Mar. 9 issued an interpretive rule clarifying that prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B includes sexual orientation discrimination and gender identity discrimination.
CFPB Extends Comment Period on ECOA/Reg B RFI to Dec. 1
Bowing to requests by the Mortgage Bankers Association and other industry trade groups, the Consumer Financial Protection Bureau on Aug. 19 said it will provide an additional 60 days for public comment on its Request for Information on expanding access to credit through Regulation B, which implements the Equal Credit Opportunity Act.