On November 14, Office of the Comptroller of the Currency (OCC) Senior Deputy Comptroller for Bank Supervision Policy Grovetta Gardineer delivered keynote remarks at the 2022 CRA & Fair Lending Colloquium where she discussed the OCC’s commitment to “elevating fairness” and ongoing efforts to ensure its regulated institutions comply with the federal fair lending laws.
On September 28, the U.S. Chamber of Commerce (Chamber), together with the Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, Independent Bankers Association of Texas, Texas Association of Business, and Texas Bankers Association, filed a lawsuit in the Eastern District of Texas against the Consumer Financial Protection Bureau (CFPB) to prevent the amendment
Troutman Pepper consumer finance partner, Lori Sommerfield, will present CFPB UDAAP Developments under Director Chopra’s Leadership during NAFCU’s Regulatory Compliance & BSA Seminar in Louisville, Ky. The Seminar brings together NCCOs, NCBSOs, compliance, audit, and legal staff and provides an opportunity to stay abreast of evolving regulatory trends including the latest compliance and BSA challenges.
Please join Consumer Financial Services Partner Chris Willis and fellow Partners Lori Sommerfield and Kim Phan, along with special guest Matt Ater from Vispero, as they discuss recent developments in website accessibility governing public accommodations under Title III of the Americans with Disabilities Act (ADA). Topics include:
On August 10, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, detailing when digital marketing providers for financial firms must comply with federal consumer financial protection laws. The interpretive rule addresses digital marketing providers that commingle the targeting and delivery of advertisements to consumers with the provision of advertising “time or
When the Consumer Financial Protection Bureau (CFPB or Bureau) unveiled its UDAAP exam manual at the end of March 2022, announcing that it had decided to interpret the word “unfair” in Dodd-Frank to prohibit discrimination, even where specific statutes like the Equal Credit Opportunity Act do not apply, we expressed skepticism about the viability of
On June 21, the Department of Justice (DOJ) filed a lawsuit and a settlement framework with Meta Platforms, Inc. (previously known as Facebook) to resolve allegations that Meta’s advertising placement algorithms discriminate against Facebook users based on their race, color, religion, sex, disability, familial status, and national origin (Protected Characteristics) in violation of the Fair
On May 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or taking other adverse actions, even if the creditor is relying on credit models using complex algorithms.
In a corresponding Consumer Financial Protection Circular
In our inaugural episode, Troutman Pepper Consumer Financial Services Partner Chris Willis welcomes fellow CFS Partner Lori Sommerfield in a discussion on the U.S. Department of Justice’s recent guidance on website accessibility for state and local governments and for public accommodations under Titles II and III of the Americans with Disabilities Act. A seasoned consumer financial services attorney, Lori brings more than two decades of experience in federal government, in-house, and private practice settings. She has deep expertise in fair lending and responsible banking regulatory compliance, and she counsels clients in supervisory issues, examinations, investigations, and enforcement actions. Lori is also highly experienced in advising clients on compliance with the Americans with Disabilities Act regarding accessibility of physical spaces and digital platforms.
Tuesday, May 17 • 12:00 – 1:00 p.m. ET
The CFPB’s recent announcement that it will now be examining non-credit products, services, and processes for discrimination under the Bureau’s UDAAP authority raises the question of how financial services companies should go about testing various aspects of their operations for potential discrimination. In this webinar, we