Shows
The Consumer Finance PodcastCurrent Regulatory, Legislative, and Litigation Developments on ADA Website Accessibility for Consumer Finance Digital PlatformsIn this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield discuss the latest regulatory, legislative, and litigation developments under the Americans with Disabilities Act (ADA), as accessibility of digital platforms and mobile applications increasingly become crucial for consumer finance providers. This episode covers the DOJ's guidance on website accessibility, evolving Web Content Accessibility Guidelines, potential legislative solutions, and the risks of private litigation amid a surge in lawsuits alleging violations of the ADA. With a focus on litigation trends and risk mitigation strategies, this discussion is vital for businesses striving to ensure compliance and protect their...2025-06-2616 minThe Consumer Finance PodcastRegulatory Rollback: Impact on Industry of CFPB's Withdrawal of Fair Lending and UDAAP Informal GuidanceIn this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield discuss the Consumer Financial Protection Bureau's (CFPB) recent withdrawal of more than 60 pieces of informal guidance, focusing on those related to fair lending and unfair, deceptive, or abusive acts or practices (UDAAP) issues. This conversation highlights key pieces of guidance that have been rescinded, including those concerning adverse action notices and abusive practices, in addition to insights on how these developments might influence the CFPB's enforcement priorities moving forward. This episode is part of a series across multiple podcasts from our Consumer Financial Services practice regarding...2025-05-2926 minThe Consumer Finance PodcastFair Lending Shake-Ups: CFPB Vacates Townstone Settlement, FHFA Ends GSEs' Special Purpose Credit ProgramsIn 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) dramatic policy shift requiring two government sponsored enterprises (GSEs, namely Fannie Mae and Freddie Mac) to terminate special purpose credit programs (SPCPs), as well as the broader implications for mortgage lenders. Join us for...2025-04-2427 minThe Consumer Finance PodcastUDAAP and Fair Lending Developments: 2024 Year-in-Review and 2025 PredictionsIn this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke's Consumer Financial Services Practice Group, to discuss significant fair lending and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) developments during 2024 and what to expect in 2025. They delve into aggressive redlining enforcement actions by federal regulators under the "Combatting Redlining Initiative" during the Biden administration, federal and state regulators' increasing scrutiny of the use of artificial intelligence in consumer lending and potential discrimination claims, the Consumer Financial Protection Bureau's war...2025-02-0624 minThe Consumer Finance PodcastUncovering Disparities: The CFPB's Small Business Lending StudyJoin host Chris Willis and guests Lori Sommerfield and Joseph Reilly in this episode of The Consumer Finance Podcast as they delve into the CFPB's recent study on differential treatment in small business lending. Discover the methodology behind the study, its findings, and the implications for small business lenders. The discussion also covers the significance of the CFPB's 1071 Small Business Data Collection Rule and its potential impact on the industry. Learn about the possible biases and limitations of the study, and explore the broader context of fair lending practices. This episode provides valuable insights for lenders and regulators alike...2024-12-1917 min
The Compliance 911 ShowRed Warning on Redlining: Looking AheadIn Episode 81 of the podcast series "Red Warning on Redlining," Len and Dean continue their discussion with fair lending expert Lori Sommerfield, a partner at Troutman Pepper. They explore the future of redlining enforcement by DOJ and federal agencies through 2024 and beyond. Lori explains the Combatting Redlining Initiative's impact to date and coordination among the federal agencies, as well as advises financial institutions on best practices to monitor and manage redlining risks. Implications of the U.S. Supreme Court's recent Loper Bright decision for redlining cases is also discussed. The episode emphasizes preparation and fair lending compliance for financial...2024-09-0519 minThe Compliance 911 ShowRed Warning on Redlining: Looking BackIn Episode 80 of the podcast series on regulatory compliance, Len and Dean discuss the topic of redlining with Lori Sommerfield, a partner at Troutman Pepper, in a new two-part series “Red Warning on Redlining.” Lori, a seasoned fair lending attorney, explains the traditional and modern definitions of redlining, emphasizing how regulators now primarily use Home Mortgage Disclosure Act (HMDA) data to identify potential redlining activity without other evidence to support such claims. She also discusses the DOJ's "Combatting Redlining Initiative," which is a “whole of government” approach leveraging federal agencies, U.S. attorneys, and state attorneys general to eradicate redlinin...2024-08-1416 minThe Consumer Finance PodcastA Deep Dive into HUD's New Guidance on AI-Driven Targeted AdvertisingIn this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Lori Sommerfield to discuss the new guidance issued by the Department of Housing and Urban Development (HUD) on targeted advertising for housing and housing-related ads. The conversation delves into the implications of the guidance, which was motivated by HUD's original charge of discrimination against Facebook in 2019 and President Biden's 2023 Executive Order on the Safe, Secure, and Trustworthy Development and Use of AI. They explore how the guidance shifts the focus from disparate treatment to disparate impact, and the challenges advertisers and advertising platforms...2024-05-3018 minThe Consumer Finance PodcastStatus of the DOJ's Combatting Redlining InitiativeIn this episode of The Consumer Finance Podcast, host Chris Willis and guest Lori Sommerfield discuss the status of the Department of Justice's (DOJ) Combatting Redlining Initiative. The initiative, which has been underway for over two years, involves all federal financial institution regulators, including the OCC, FDIC, Federal Reserve Board, CFPB and HUD, and has resulted in a significant number of redlining cases brought by the DOJ. The total monetary relief in connection with these settlements has reached $107 million, with the largest single redlining settlement at $31 million. The DOJ has brought 10 redlining enforcement actions, either on its own or...2024-02-2222 minThe Consumer Finance PodcastADA Website Accessibility: Insights and UpdatesIn this episode of The Consumer Finance Podcast, host, Chris Willis, is joined by Partners Kim Phan and Lori Sommerfield, to discuss recent developments related to website accessibility under the Americans with Disabilities Act (ADA). In this episode, they explore the Department of Justice's proposed rule under Title II of the ADA, which seeks to improve state and local government website and mobile app access for individuals with disabilities, and the potential significance to the private sector. They also discuss the international World Wide Web Consortium's latest version of its Web Content Accessibility Guidelines (WCAG), 2.2, and the first working...2024-01-2520 minThe Consumer Finance PodcastGarnishment Practices: Has the Dust Settled or Is It Still Flying?Please join Troutman Pepper Partner Chris Willis, along with colleagues Lori Sommerfield and Mary Zinsner, as they discuss the impact of a consent order issued by the Consumer Financial Protection Bureau (CFPB) in May 2022 relating to cross-border garnishment practices and the implications on the financial services industry over the last year and a half. Chris, Lori, and Mary emphasize the CFPB’s expectations (which include the necessity of establishing a compliance program for garnishment processes and conducting 50-state surveys to better understand state garnishment laws), cross-border garnishment law issues, and the impact of the consent order on litigation. They al...2024-01-1813 minThe Consumer Finance PodcastUpdate on the CFPB's Section 1071 Final RulePlease join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Joe Reilly for an important update on the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 Final Rule. On July 31, the U.S. District Court for the Southern District of Texas issued a preliminary injunction enjoining the CFPB from implementing and enforcing the Final Rule against members of the American Bankers Association, Texas Bankers Association, and a Texas bank. Chris, Lori, and Joe discuss who benefits from the injunction and what it means for those who do no...2023-08-3121 min
Calling All Bank DirectorsNew Fair Lending Challenges Facing Banks and Bank Directors and Officers | Calling All Bank Directors Ep. 49In this episode, host David Baris is joined by Troutman Pepper Partners Lori Sommerfield and Chris Willis to discuss changes in fair lending regulation and supervision that represent new challenges to banks and their directors and officers. They are co-authors of the Practical Handbook on Fair Lending for Bank Directors and Executive Officers, 2nd Edition.
Lori and Chris identify the important changes that have occurred since the Handbook’s first edition in 2016, including more regulatory emphasis and actions relating to redlining, disparate impact, and redefinition of the statutory term “fair” to include discrimination.
At Troutman Pepper...2023-07-2006 minThe Consumer Finance PodcastTroutman Pepper Attorneys Update Fair Lending Handbook for the American Association of Bank DirectorsPlease join Troutman Pepper Partners Chris Willis and Lori Sommerfield, along with American Association of Bank Directors (AABD) President David Baris, for a special announcement about the recently published second edition of the Practical Handbook on Fair Lending for Bank Directors and Executive Officers (AABD Handbook). The updated AABD Handbook addresses the dramatic shift in the regulatory landscape for enforcement of the federal fair lending laws over the past decade, with aggressive enforcement of the Equal Credit Opportunity Act and Fair Housing Act by federal agencies (including the CFPB, U.S. Department of Justice, and federal banking agencies) under...2023-07-1322 minThe Consumer Finance PodcastThe Latest on HUD's Disparate Impact RulePlease join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Leigh Poltrock as they discuss HUD's ever-changing disparate impact rule. Topics include an analysis of the rule's many versions over the last 10 years, HUD's reaction to the U.S. Supreme Court's 2015 Inclusive Communities decision, what we should expect from an enforcement and litigation standpoint, and what industry participants should do in light of these developments.
2023-06-2220 minThe Consumer Finance PodcastCFPB's Section 1071 Final Rule (Part 2): Deep Dive on Data Collection and DiscouragementPlease join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield and Caleb Rosenberg for the second installment of a special three-part series about the Consumer Financial Protection Bureau's (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 2 takes a deeper dive into the rule's data collection requirements, including what needs to be collected, when and how, and significant new provisions, dealing with discouraging people from responding to Section 1071 information requests, particularly concerning demographic information.Stay tuned for Part 3, which focuses on specific areas for consideration, including those especially troublesome fo...2023-05-1637 minThe Consumer Finance PodcastCFPB’s Section 1071 Final Rule (Part 1): A General OverviewPlease join Troutman Pepper Partner Chris Willis and his colleagues Lori Sommerfield, Addison Morgan, and Josh McBeain for the first installment of a special three-part series about the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 rule. Part 1 of this special series provides a general overview of the rule, including:What the rule is designed to do;The definition of a small business for the purpose of this rule;What types of small business lenders are covered;Covered and excluded credit transactions as defined by the rule;The thre...2023-05-0238 minThe Consumer Finance PodcastIllinois Federal Court Dismisses CFPB's First Redlining Case, Holding ECOA Doesn't Extend to Prospective ApplicantsPlease join Troutman Pepper Partner Chris Willis and his colleague Consumer Financial Services Partner Lori Sommerfield as they discuss the implications of the recent Illinois federal court decision, dismissing the CFPB's first-ever redlining case against Townstone Financial, Inc., which alleged that Townstone engaged in redlining practices by discouraging applications under the Equal Credit Opportunity Act (ECOA) through its marketing approach. The court found that ECOA does not extend to prospective applicants.A seasoned consumer financial services attorney, Lori Sommerfield brings more than two decades of experience in federal government, in-house, and private practice settings. She leverages her...2023-03-0926 minThe Consumer Finance PodcastRecent Developments in ADA Website Accessibility CompliancePlease join Consumer Financial Services Partner Chris Willis and fellow Partners Lori Sommerfield and Kim Phan, along with special guest Matt Ater from Vispero, as they discuss recent developments in website accessibility governing public accommodations under Title III of the Americans with Disabilities Act (ADA). Topics include:Current litigation trends, including the recent increase in ADA website accessibility lawsuits filed in federal and state courts;Insights into the DOJ’s recent website accessibility guidance and enforcement efforts;Recommendations for companies to achieve website accessibility compliance under the ADA;Technological solutions for website accessibility; andElements of an effective ADA ri...2022-08-2528 minThe Consumer Finance PodcastDOJ’s Recent Guidance on Website Accessibility and the ADA — What Does It Tell Us?In our inaugural episode, Troutman Pepper Consumer Financial Services Partner Chris Willis welcomes fellow CFS Partner Lori Sommerfield in a discussion on the U.S. Department of Justice’s recent guidance on website accessibility for state and local governments and for public accommodations under Titles II and III of the Americans with Disabilities Act. A seasoned consumer financial services attorney, Lori brings more than two decades of experience in federal government, in-house, and private practice settings. She has deep expertise in fair lending and responsible banking regulatory compliance, and she counsels clients in supervisory issues, examinations, investigations, and enforcement act...2022-05-1218 min