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Court Dismisses CFPB’s ECOA Action Alleging Discrimination Against Prospective Applicants Against Nonbank Lender

On February 3, 2023, the United States District Court for the Northern District of Illinois granted Defendants Townstone Financial, Inc., a mortgage broker/lender, and Barry Sturner’s, Townstone’s owner, motion to dismiss the Consumer Financial Protection Bureau’s (CFPB or Bureau) redlining complaint brought under the Equal Credit Opportunity Act (ECOA), ECOA’s…

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CFPB Seeks Dismissal of Complaint Filed by the U.S. Chamber of Commerce Challenging the CFPB's Update to the UDAAP Section of Its Examination Manual

On December 23, 2022, the Consumer Financial Protection Bureau (CFPB) moved for dismissal, or in the alternative partial summary judgment, of the complaint filed by the U.S. Chamber of Commerce in September 2022 in the Eastern District of Texas that challenges the CFPB’s update to the Unfair, Deceptive, or Abusive…

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CFPB Files Certiorari Petition With the U.S. Supreme Court Seeking Review of the Fifth Circuit’s Decision in Community Fin. Services

On November 15, 2022, less than one month after the Fifth Circuit panel’s decision in Community Fin. Services Assoc. of Am. Ltd., No. 21-50826 (5th Cir. Oct. 19, 2022) and more than two months before its 90-day deadline, the Consumer Financial Protection Bureau (CFPB) filed a certiorari petition with the…

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Fifth Circuit Issues Decision Holding that the Funding Mechanism for the Consumer Financial Protection Bureau Is Unconstitutional

On October 19, 2022, the Fifth Circuit Court of Appeals (Fifth Circuit) held that the funding mechanism for the Consumer Financial Protection Bureau (CFPB) is unconstitutional and violates the Appropriations Clause of the Constitution.  Community Fin. Services Assoc. of Am. Ltd., No. 21-50826 (5th Cir. Oct. 19, 2022).  In light…

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