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TRIDENT MORTGAGE TO PAY $22 MILLION FOR DISCRIMINATION VIOLATIONS

Posted by jholzknecht on  July 28, 2022
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Category: CFPB, DOJ, Redlining
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

FTC PROPOSES REVISIONS TO THE GUIDES CONCERNING THE USE OF ENDORSEMENTS AND TESTIMONIALS IN ADVERTISING

Posted by jholzknecht on  July 26, 2022
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On July 26, 2022, the Federal Trade Commission (FTC) published a request for comments on proposed revisions to its Guides Concerning the Use of Endorsements and Testimonials in Advertising. The Guides, 16 CFR part 255, are designed to assist businesses and others in conforming their endorsement and testimonial advertising practices to the requirements of section 5 of the FTC Act. Although the Guides interpret laws administered by the Commission, and thus are advisory in nature,

TREASURY REQUEST FOR COMMENT ON DIGITAL ASSETS

Posted by jholzknecht on  July 14, 2022
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Category: Uncategorized
Last week, the Department of Treasury invited public input pursuant to Executive Order 14067 of March 9, 2022, “Ensuring Responsible Development of Digital Assets.” In particular, the Department invites input, data, and recommendations pertaining to the implications of development and adoption of digital assets and changes in financial market and payment infrastructures for United States consumers, investors, businesses, and for equitable economic growth. The Executive Order outlines principal U.S. policy objectives with respect to digital

CFPB ISSUES FCRA ADVISORY OPINION

Posted by jholzknecht on  July 8, 2022
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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.

FFIEC UPDATES LIST OF DISTRESSED OR UNDERSERVED GEOGRAPHIES

Posted by jholzknecht on  July 5, 2022
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On July 1, 2022 the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the availability of the 2022 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration pursuant to the definition of community development under the agencies’ regulations. Revitalization or stabilization activities in these geographies are eligible to

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