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1 month ago | 
openlegalblogarchive.org | Jason Cover |Mark J. Furletti |Joseph Reilly |Caleb Rosenberg
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
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1 month ago | 
jdsupra.com | Jason Cover |Mark J. Furletti |Joseph Reilly
Last month, the Texas legislature introduced two companion bills, S.B. No. 2677 and H.B. No. 700, to regulate sales-based commercial financing. For purposes of the proposed legislation, sales-based financing is a transaction that is repaid as a percentage of sales or revenue, or according to a fixed payment mechanism that provides for a reconciliation process to adjust payments to an amount that is a percentage of sales or revenue.
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Jan 16, 2025 | 
openlegalblogarchive.org | Joseph Reilly |Chris Willis
In this episode of The Consumer Finance Podcast, host Chris Willis and guest Joe Reilly delve into recent CFPB consent orders that penalize financial services companies for allegedly launching products before they were fully ready. They discuss the implications of these orders, the importance of thorough product testing and risk management, and the potential financial consequences of premature product launches.
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Dec 3, 2024 | 
jscholarship.library.jhu.edu | Joseph Reilly
This mixed-methods evaluation assesses the effectiveness of the Ignite Reading virtual literacy tutoring program implemented in Massachusetts during the 2023-2024 school year. Sponsored by the One8 Foundation, the initiative provided targeted one-to-one tutoring for first-grade students across 13 districts with high concentrations of economically disadvantaged populations.
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Nov 15, 2024 | 
jdsupra.com | Joseph Reilly |Caleb Rosenberg |Lori J. Sommerfield
On November 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a pilot study titled “Matched-Pair Testing in Small Business Lending Markets” highlighting what the CFPB believes were two statistically significant disparities in the treatment of Black and white small business owners seeking loans. First, the secret shopping study indicated that Black entrepreneurs were less encouraged by small business lenders to apply for loans.
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Nov 6, 2024 | 
jdsupra.com | Joshua McBeain |Joseph Reilly |Caleb Rosenberg
On October 31, the U.S. Court of Appeals for the Fifth Circuit Court of Appeals granted the appellants’ motion to expedite the appeal in Texas Bankers Association v. Consumer Financial Protection Bureau (CFPB). The suit brought by several trade associations challenges the CFPB’s Final Rule under § 1071 of the Dodd-Frank Act, the “Small Business Lending Data Collection Rule” (Final Rule). The court scheduled oral argument for February 3, 2025.
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Nov 1, 2024 | 
jdsupra.com | Christopher Carlson |Lane Page |Joseph Reilly
On October 29, New Jersey Attorney General Matthew Platkin and the state’s Division on Civil Rights (DCR) released a report detailing the findings of a multi-year investigation into Republic First Bank (Republic) and its alleged mortgage redlining practices. According to the report, the investigation revealed that Republic engaged in a pattern or practice of redlining against Black, Hispanic, and Asian communities in New Jersey, in violation of the New Jersey Law Against Discrimination.
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Oct 18, 2024 | 
ourcommunitynow.com | Joseph Reilly
ShareOn October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement addresses allegations of redlining in majority-Black neighborhoods in Birmingham, Alabama. Fairway is headquartered in Madison, WI, but operates under the trade name MortgageBanc in the Birmingham area.
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Oct 18, 2024 | 
jdsupra.com | Joseph Reilly |Lori J. Sommerfield |Chris Willis
On October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement addresses allegations of redlining in majority-Black neighborhoods in Birmingham, Alabama. Fairway is headquartered in Madison, WI, but operates under the trade name MortgageBanc in the Birmingham area.
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Oct 14, 2024 | 
jdsupra.com | Joseph Reilly |Lori J. Sommerfield |Chris Willis
[co-author: Eric Maxwell]On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This settlement, the 14th in DOJ’s Combatting Redlining Initiative since 2021, addresses allegations that Citadel engaged in discriminatory lending practices by redlining predominantly Black and Hispanic neighborhoods in and around Philadelphia.
