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CFPB鈥檚 New Approach to Discrimination: Invoking UDAAP Laws

On Wednesday, June 29, 2022, WCL鈥檚 Business Law Program hosted a virtual symposium on the 鈥淐FPB鈥檚 New Approach to Discrimination: Invoking UDAAP Laws.鈥 With an introduction by Professor , Associate Director of the Business Law Program, the symposium began with a Q&A , Assistant Director of the CFPB and head of its Office of Enforcement. Mr. Halperin discussed the CFPB鈥檚 priority to ensure a financial marketplace that is free from discrimination and where all people have equal access to financial products. While detailing the CFPB鈥檚 updated , Mr. Halperin explained that the 鈥渦nfairness test鈥 is the 鈥渢ouchstone鈥 in the CFPB鈥檚 analysis of whether an action meets the standard for an unfair act or practice under the CFPA.

CFPB鈥檚 New Approach to Discrimination: Invoking UDAAP Laws
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The Q&A was followed by an expert panel discussion featuring , Former Deputy Director of the CFPB; (鈥90), Senior Vice President at the American Bankers Association; and , Partner at Buckley LLP. The panel discussion was moderated by , Partner and Co-founder of Buckley LLP. The distinguished panelists shared their insights on the emerging legal, regulatory and policy issues governing the changes to the CFPB鈥檚 supervisory operations that are designed to better protect families and communities from illegal discrimination, including in situations where fair lending laws may not apply. The panel also had a very timely and interesting discussion about the fact that on June 28, the day before the symposium, The U.S. Chamber of Commerce and three major bank trade groups had sent a letter and to Rohit Chopra, the Director of the CFPB calling for the CFPB to rescind its new guidance since they did not believe that the CFPB had the legal authority under current law to adopt its new guidance.

You may view a recording of the webinar .