Links in “Equal Credit Opportunity Act (ECOA)”
- Hensarling Harps CFPB for Help
House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter today to CFPB Director Richard Cordray once again pressing the CFPB for information about its March 2013 auto finance guidance and its actions since that time to pursue allegedly discriminatory practices by auto finance companies. That guidance sought to publicly establish the CFPBâs grounds for asserting violations of ECOA against bank and nonbank auto finance companies for the alleged effects of facially neutral pricing policies. [6/16/14]
- The Gist of the CFPB’s Fair Lending Report
A brief recap of the CFPB's Fair Lending Report, including guidance on how lenders may self-assess their own compliance with ECOA and HMDA. [5/5]
- Offering Only QMs Not a Fair Lending Violation
NCUA and the other federal regulators have issued a statement that creditors offering only qualified mortgages will not be in violation of the Equal Credit Opportunity Act and Regulation B. The statement was issued in response to creditor concerns that limiting loan offerings to just qualified mortgages could violate the disparate impact doctrine. [10/23]
- Report: CFPB’s To-Do List Includes Expanding ECOA, HMDA Data Collection
To-do list includes implementing the Dodd-Frank amendments to the Equal Credit Opportunity Act that require financial institutions to collect additional data on credit applications made by women- or minority-owned businesses and small businesses as well as much more Home Mortgage Disclosure Act data. [8/21]
- A Look at NCUA’s Appraisal Disclosure and Delivery Requirements Alert
Overview of requirements under the CFPBâs Equal Credit Opportunity Act (ECOA) Valuations Rule, which takes effect Jan. 18, 2014. [8/7]
- NCUA Releases Reg B Alert on Appraisals
NCUA's regulatory alert on the Reg. B's Appraisal Disclosure & Delivery Requirements becomes effective January 18, 2014. [8/5]
- A Closer Look at the 2 Laws That Require Adverse Action Notices
Philadelphia Fed Reserve articles breaks down the differences and similarities between the adverse action notice requirements of ECOA and the FCRA, a critical step toward achieving compliance. [7/5]
- Clarifying Amendments Proposed for Regs. B, X, and Z
CFPB's proposed amendments to Reg. B, Reg. X and Reg. Z address mortgage loan servicing, loan originator compensation, fee thresholds for high rate/high fee mortgages and qualified mortgages, exemptions for certain creditors, prohibition on creditor-financed credit insurance, and effective dates for certain provisions. [7/2]
- SCOTUS to Decide Whether Disparate Impact Can Be Brought Under Fair Housing
Supreme Court plans to hear a case that will determine whether discrimination claims based on effect, rather than intent, are viable under the Fair Housing Act; CFPB and some federal appeals courts have taken the position that disparate impact claims can be brought under both the FHA and the Equal Credit Opportunity Act, despite the fact that the plain language of the statutes donât specifically allow for these types of claims. [6/19]
- Potential Pitfalls in the Approach Your CU Takes in Determining Ability to Pay
If your CU chooses to only consider a consumerâs independent income and assets, it could be risking ECOA/Reg. B violations based on sex or marital status. [6/11]
