Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs

Texas Federal Court Vacates CFPB’s Credit Card Late Fee Rule - Weiner Brodsky Kider PC

On April 15, the U.S. District Court for the Northern District of Texas granted a joint motion for entry of consent judgment filed by the CFPB and several business advocacy groups, vacating the Bureau’s credit card late fee rule because it contravened the plain language of the Credit Card Accountability and Disclosure Act (the CARD Act). The CARD Act prohibits an issuer from charging a late fee unless it is “reasonable and proportional” to the p…

Fair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit Programs

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Locke colleagues Lori Sommerfield and Lane Page to dissect two unexpected fair lending developments under the new Trump administration. First, we unpack the Consumer Financial Protection Bureau’s (CFPB) surprising move to vacate its own redlining consent order with Townstone Financial, Inc. We then analyze the Federal Housing Finance Agency’s (FHFA) dramat…