Industry veteran challenges CFPB’s support of disparate impact

Please note that all such forms and policies should be reviewed by your legal counsel for compliance with applicable law, and should be modified to suit your organization’s culture, industry.

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Significant Flaws in the CFPB’s Methodology. First, a broad industry move by finance sources to eliminate dealer discretion through the payment of flat fees will, quite simply, fail to eliminate dealer discretion. This is because dealers typically sell credit contracts to a variety of finance sources.

HUD Proposed Rule Demands More Disparate and More Impact to Establish Disparate impact liability; proposed american bar Association Resolution Could affect auto dealers; united states Senate to Consider Legislation Expanding Fair Housing Protection to LGBTQ Community; CFPB Proposes Reporting and Examination Authority Over Military Lending Act

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The CFPB intends to use a disparate impact test for all types of credit, including mortgage lending, student loans, auto loans and credit cards. Last week, the Department of Housing and Urban Development issued a final rule that provides that if a practice has a "discriminatory effect," HUD or a private plaintiff can establish liability under the fair housing act (FHA), even if there is no discriminatory intent.

Jonathan Segal, a partner at Duane Morris LLP in Philadelphia and the Pennsylvania legislative director for SHRM, testified on behalf of the Society that clarification is needed on the EEOC’s.

Is Disparate Impact Applicable Under Fair Housing Act and ECOA? Most lower federal courts have held that the disparate impact theory is applicable. Supreme Court decisions in recent years addressing the application of disparate impact under other, but similar, laws have cast doubt on the correctness of those decisions.

CFPB Compliance and Risk Assessment: What You Need to Know October, 31, 2013. Challenges presented to industry – it’s a new regulatory paradigm. compensation (reserves) result in a disparate impact on protected classes of borrowers, even if the lender had no direct contact with the.

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president and CEO of the Lincoln Institute of Land Policy. "Land policies can play a central role in attracting or generating the investment needed to tackle vacancies and blight produced by.