On March 23, 2021, the Illinois Community Reinvestment Act (“IL CRA”) was signed into law. The stated purpose of the IL CRA is to ensure that covered financial institutions are equitably providing financial services across the state, including to low- and moderate-income neighborhoods, and areas where there is a lack of access to safe and affordable banking and lending services.
The court approved a non-bank mortgage lender’s motion to dismiss a CFPB complaint on the grounds the bureau’s interpretation of how the statute applies in credit decisions; another example of legal pushback against the bureau’s actions.
Consumer credit card debt continued its growth streak in December, even as inflation continued to cool down. The pace of growth slowed down though, which may partially be due to increased holiday shopping and spending earlier in November.
The staff of the Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).
On January 9, the Seventh Circuit overturned its own 39-year-old precedent to find that: (1) the definition of “transfer” for purposes of section 547 of the Bankruptcy Code depends on federal, not state, law; and (2) the date of “transfer” is the time at which the money passes to the creditor’s control.
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