The Equal Credit Opportunity Act includes an affirmative obligation to continually search for whether any adverse impacts from a model can be mitigated by a less discriminatory alternative.
The CFPB is facing management challenges in reforming its information security practices, workforce support programs and in embracing new technology and skills in supervisory and enforcement activities.
CFPB Director Rohit Chopra engaged in a live question-and-answer session last month, acknowledging banks’ concerns about nonbank coverage and liability flows.
The CFPB is committed to keep working to protect prospective applicants under Regulation B, its implementing regulation of the Equal Credit Opportunity Act, according to Patrice Ficklin, the bureau’s fair lending director.
The CFPB released a final rule implementing Dodd-Frank Act Section 1071, which requires financial institutions to collect and report data on their small business lending activities.
The Second Circuit Court of Appeals’ ruling last month deepens a circuit split on the constitutionality of the CFPB’s funding structure, which is set for hearing before the Supreme Court next term.
Two attorneys at Orrick shared strategies that mortgage lenders can use to defend themselves in federal redlining cases, including questioning the data analysis used to bring a case.
The CFPB’s proposed rule for an online registry of nonbanks underestimates the burden for institutions and overstates its value to the public and enforcement agencies, mortgage trade groups said in comments.
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