Archive

On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and DOJ allege Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. Specifically, Trident’s actions discouraged prospective applicants from applying for mortgage and refinance loans in the greater Philadelphia area’s majority-minority neighborhoods. If entered by […]

On July 7, the Consumer Financial Protection Bureau (CFPB) published a legal interpretation to ensure that companies that use and share credit reports and background reports have a permissible purpose under the Fair Credit Reporting Act (FCRA). The CFPB’s new advisory opinion makes clear that credit reporting companies and users of credit reports have specific obligations to protect the public’s data privacy. The advisory also reminds covered entities of potential criminal liability for certain misconduct. […]

On June 29, the CFPB issued an advisory opinion affirming that federal law prohibits debt collectors from charging “pay-to-pay” fees. These charges, commonly described by debt collectors as “convenience fees,” are imposed on consumers who want to make a payment in a particular way, such as online or by phone. The advisory opinion is based on language in Section 808 of the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from collecting any […]

On June 27, 2022, the Office of Management and Budget published the Spring 2022 Unified Agenda of Federal Regulatory and Deregulatory Actions. The Agenda breaks down rules from over 60 federal departments, agencies, and commissions. In the list of actions from the Consumer Financial Protection Bureau (CFPB) is an announcement that the final rule for Small Business Lending Data Collection Under the Equal Credit Opportunity Act is not expected until March 2023. The rule will […]

Welcome from Orlando and the 2022 ABA Compliance Conference. It was a great first day of sessions.  All the sessions I attended today were informative and the speakers insightful. I wanted to take time to focus on the three key things I took away from the “Fair Banking/Fair Lending: Preparing for the 1071 Implementation” panel. The panel for this session included a great group: Kitty Ryan, Britt Faircloth, and Maureen Carollo.   Do not expect […]