On September 24, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the Department of Justice (“DOJ”) announced a joint action against New Jersey-based Hudson City Savings Bank for discriminatory redlining practices that denied residents of majority-Black-and-Hispanic neighborhoods fair access to mortgage loans. The agencies allege that the bank took steps to avoid, and thereby discourage,
CFPB
Adjusting to CFPB’s Auto Finance Examination Authority
On July 31, 2015 the Consumer Financial Protection Bureau rule that enables the CFPB to supervise the biggest nonbank automobile finance companies will take effect, subjecting the auto finance industry to new and unprecedented regulatory scrutiny. Finance companies across the country are bracing for their first CFPB examinations. Given the recent CFPB settlement with one…