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Stranger in a Strange Land: CFPB and DOJ Bring Non-Mortgage Products into the Fair and Responsible Lending Fold

Recorded on: Oct. 11, 2012
Running Time: 01:08:21

Taken from the briefing Stranger in a Strange Land: CFPB and DOJ Bring Non-Mortgage Products into the Fair and Responsible Lending Fold recorded October, 2012.

Regulators have long patrolled residential mortgage lending data for compliance with fair lending laws - principally the Fair Housing Act and the Equal Credit Opportunity Act - and “responsible” banking practices, generally meaning practices that are not unfair, deceptive, or abusive.  Increasingly, the Consumer Financial Protection Bureau, the Department of Justice, and state attorneys general are focused on applying these principles to non-mortgage lines of business.  ECOA and Regulation B, as well as the Home Mortgage Disclosure Act and Regulation C, require lenders to collect data on race and ethnicity for mortgage applicants.  Regulation B, however, generally prohibits lenders from collecting such data in connection with non-mortgage products.  Regulators must rely instead for their analysis on proxies such as first names or geographical attributes.  They are relying for their focus on consumer complaints - often arising out of perceptions of “suitability.”

The Attorney General’s 2011 Annual Report to Congress observed that the Civil Rights Division received a notable number of pricing discrimination referrals involving non-mortgage loans. With its study of private student lending well under way, the CFPB recently began accepting consumer complaints relating to student loans, and its online submission form specifically asks whether the complaint involves discrimination.  DOJ, CFPB, and HUD views of expansive liability under anti-discrimination laws, particularly under a theory of disparate impact, are apparent in their highly analytical compliance examinations, complaint investigations, and astronomical settlement numbers.

This program will examine relevant laws and regulations in the regulatory toolkit, discuss enforcement trends, and address what institutions may do to self-assess risk and prepare for examinations.

Lecture Topics  [Total time 01:08:21]

  • Non-mortgage business lines in particular focus
  • What disparate impact looks like in non-mortgage examination and enforcement
  • Emerging definitions of unfair, deceptive, or abusive acts and practices
  • Fair and responsible risk assessments

Presentation Material

  • Stranger in a Strange Land: CFPB and DOJ Bring Non-Mortgage Products into the Fair and Responsible Lending Fold
    Valerie L. Hletko, Amanda M. Raines
Speaker(s)
Valerie L. Hletko ~ BuckleySandler LLP
Amanda M. Raines ~ BuckleySandler LLP

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