Use this button to switch between dark and light mode.

CFPB Issues Largest Penalty for Fair Lending Violations

January 10, 2023

The Consumer Financial Protection Bureau (CFPB) recently ordered Wells Fargo to pay $3.7B in redress to consumers for fees obtained through illegal automobile and mortgage lending practices. The CFPB has authority granted under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), to penalize institutions who violate federal consumer financial laws by engaging in unfair, deceptive, or abusive acts or practices.  Explore this article discussing the enforcement action in greater detail and providing more specificity on the violations of law.

Read now »

Related Content        

  • Fair Lending Presentation
    Use this presentation for institutions to aid in training employees, lenders, and third-parties on fair lending requirements for consumer lending transactions. The presentation contains an overview of fair lending laws and steps to ensure compliance in consumer lending.
  • Fair Lending Laws and Enforcement Trends
    Explore the primary federal fair lending laws that received a greater level of regulatory scrutiny historically. This practice note summarizes fair lending enforcement activity and recent trends in this area.

 

Practical Guidance Updates
Featuring the latest updates from your Practical Guidance account.                        


Experience results today with practical guidance, legal research, and data-driven insights—all in one place.

Experience Lexis+