Summer 2015 Hot Topics

CFPB Finalizes Extension of TRID Effective Date to October 3rd 

The Consumer Financial Protection Bureau issued a Final Rule delaying the effective date of the TILA-RESPA Integrated Disclosures Rule until October 3rd, 2015. The Final Rule also makes two technical revisions to calculations on the Closing Disclosure.   A copy of the Final Rule is available here: Final Rule.

U.S. Supreme Court Upholds “Disparate-Impact” Theory of Liability Under The Fair Housing Act

The Supreme Court issued its decision in Texas Dept. of Housing and Community Affairs v. Inclusive Communities Project, holding that the Fair Housing Act authorizes claims of liability under a disparate-impact theory.

“Disparate-impact” means that a practice has a disproportionately adverse effect on a protected class. It is distinguished from “disparate-treatment,” which means that a person engaged in a practice with a discriminatory intent or motive.

The effect of the Court’s holding is that the US Department of Housing and Urban Development (“HUD”) and other agencies and plaintiffs may continue to bring actions for violations of the Fair Housing Act based on the disparate-impact theory. The Court’s decision did not address whether the Equal Credit Opportunity Act (“ECOA”) authorizes disparate-impact claims.

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