CFPB’s New Approach to Discrimination: Invoking UDAAP Laws
On Wednesday, June 29, 2022, WCL’s Business Law Program hosted a virtual symposium on the “CFPB’s New Approach to Discrimination: Invoking UDAAP Laws.” With an introduction by Professor V. Gerard Comizio, Associate Director of the Business Law Program, the symposium began with a Q&A with Eric Halperin, Assistant Director of the CFPB and head of its Office of Enforcement. Mr. Halperin discussed the CFPB’s 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’s updated exam manual, Mr. Halperin explained that the “unfairness test” is the “touchstone” in the CFPB’s analysis of whether an action meets the standard for an unfair act or practice under the CFPA.
The Q&A was followed by an expert panel discussion featuring David Silberman, Former Deputy Director of the CFPB; Kitty Ryan (‘90), Senior Vice President at the American Bankers Association; and John Coleman, Partner at Buckley LLP. The panel discussion was moderated by Jerry Buckley, 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’s 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 white paper 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 here.