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FTC, CFPB, DOJ, and EEOC Pledge Increased Focus on Discrimination in AI
Artificial intelligence and algorithmic processes continue to remain at the top of federal law enforcement agencies’ agendas. Yesterday, the FTC, CFPB, DOJ, and EEOC issued a joint statement pledging to use their…
The Regulatory Landscape for Indirect Auto Lenders After Ally
In December 2013, the Consumer Financial Protection Bureau (CFPB) announced its first settlement in the indirect auto lending industry. The target company was Ally Financial Inc. and Ally Bank (Ally). The CFPB alleged…
Financial Reform Negotiations Conclude
After working through the night, the Congressional conference committee tasked with negotiating a final financial reform bill voted 27-16 to approve the bill and send it back to each chamber for a final vote on the…
Recently Commenced California Class Action May Impact Exposure Faced By Financial Institutions Involved With Federal Student Loans
If your company is one of the many companies that participates in originating, guaranteeing or servicing student loans made under the Federal Family Education Loan Program (“FFELP”) you should be aware of a recent…
DOJ Reaches Landmark Settlement of Claims Regarding Racial Discrimination in Mortgage Lending
Last month, two subsidiaries of American International Group (“AIG”) agreed to pay $7.1 million to settle claims by the United States Department of Justice (“DOJ”) that the companies unlawfully charged African American…