On March 20, 2023, the Consumer Financial Protection Bureau (CFPB) published a final rule to make non-substantive corrections and updates to CFPB and other Federal agency contact information found at certain locations in Regulations B, E, F, J, V, X, Z, and DD, including Federal agency contact information that must be provided with: The Equal Credit Opportunity Act adverse action notices; and The Fair Credit Reporting Act Summary of Consumer Rights. This final rule also revises the […]
Category: Regulation B
PARK NATIONAL BANK REDLINING CASE
On February 27, 2023, the Department of Justice (DOJ) entered into a consent order with Park National Bank. The Order alleges that Park National Bank (“PNB”) engaged in a pattern or practice of unlawful redlining in violation of the Fair Housing Act (“FHA”), and the Equal Credit Opportunity Act (“ECOA”), and Regulation B, by discriminating on the basis of race, color, and national origin. Specifically, the United States alleges that PNB engaged in: Illegal redlining […]
FEDERAL BANK REGULATORY AGENCIES CONTINUE TO IGNORE SEXUAL ORIENTATION AND GENDER IDENTITY ISSUES
On June 15, 2020, the United States Supreme Court in the case of Bostock v Clayton County declared that disparate treatment based on sexual orientation or gender identity is sex discrimination under federal law. It is the law of the land. On March 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretative rule to amend Regulation B to clarify that disparate treatment based on sexual orientation or gender identity is sex discrimination under […]
Update: Make that 19 Days and Counting! Section 1071 Final Ruling to be Announced This Month
Last week, we started a countdown for the impending final rule implementing the small business data requirements of Section 1071 of the Dodd-Frank Act. Well, the CFPB released it’s Fall 2022 Semi-Annual Agenda and it indicates the final rule will be released this month. That means the runway to prepare for the most significant regulatory update in decades just got a lot shorter. With that in mind and in order to help you get ready, […]
Three Common Adverse Action Pitfalls
Adverse action continues to be one of the most challenging areas for Compliance Officers to ensure compliance. Trying to provide timely decisions to comply with regulatory requirements, making sure the accurate reasons are being provided to applicants on notices or for verbal notification, can be a cumbersome and often a frustrating process. Jack Holzknecht, Founder and Senior Consultant at Compliance Resource, has been training and providing guidance through his blogs, most recently on May 31, […]