On May 26, the Consumer Financial Protection Bureau (the Bureau or CFPB) issued its third Circular, emphasizing that creditors must adhere to the Equal Credit Opportunity Act (ECOA) and Regulation B, even when they employ complex algorithms, sometimes referred to as uninterpretable or “black-box” models, to render credit decisions. The Circular explains that companies must provide an applicant with the precise reasons for the denial of a credit application or adverse action, even if the creditor company uses complex credit algorithm models that do not allow even the creditor itself to “accurately identify[] the specific reasons for denying credit or taking other adverse actions.”

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Photo of Tonya Esposito Tonya Esposito

Tonya M. Esposito focuses her practice on a variety of consumer issues, including financial services, antitrust, and marketing and advertising. She has considerable experience representing clients in private litigation, as well as in government investigations brought by state attorneys general, the Federal Trade…

Tonya M. Esposito focuses her practice on a variety of consumer issues, including financial services, antitrust, and marketing and advertising. She has considerable experience representing clients in private litigation, as well as in government investigations brought by state attorneys general, the Federal Trade Commission (FTC), the U.S. Department of Justice (DOJ), the Food and Drug Administration (FDA), and the Consumer Financial Protection Bureau (CFPB).

With deep experience representing a variety of financial institutions in both litigation and compliance matters, Tonya represents clients in litigation involving claims brought under the Fair Credit Reporting Act (FCRA), the Fair Debt Collection Practices Act (FDCPA), the Real Estate Settlement Procedures Act (RESPA), the Truth in Lending Act (TILA), the Telephone Consumer Protection Act (TCPA), the state deceptive acts and practices laws (UDAAP), and many types of internal and government investigations. She regularly handles matters involving credit cards, student loans, residential and commercial mortgages, as well as privacy and FinTech issues.

Photo of Benjamin M. Saul Benjamin M. Saul

Benjamin Saul is a shareholder in the firm’s Financial Regulatory and Compliance Practice. For two decades, Ben has handled high-stakes regulatory, enforcement, and litigation matters for corporate and individual clients in the consumer finance, specialty finance, fintech, and banking sectors.

Ben has helped

Benjamin Saul is a shareholder in the firm’s Financial Regulatory and Compliance Practice. For two decades, Ben has handled high-stakes regulatory, enforcement, and litigation matters for corporate and individual clients in the consumer finance, specialty finance, fintech, and banking sectors.

Ben has helped clients navigate dozens of contentious supervisory, enforcement, and litigation matters involving the Consumer Financial Protection Bureau (CFPB), and has been a leader in the private bar on CFPB matters since the Bureau’s inception in 2011. He also routinely assists clients in matters involving the FTC, DOJ, HUD, OCC, FRB, FDIC, state financial services authorities, state attorneys general, and state civil rights commissions. Ben’s enforcement matters have concerned fair lending and servicing, unfair deceptive and/or abusive trade practices, other federal and state consumer finance laws, AML/BSA, troubled or failed banks, fiduciary duties, financial institution fraud, supervisory ratings, and other safety and soundness issues.  These matters often have involved parallel proceedings by multiple enforcement agencies and/or private parties.

Ben also advises lenders, servicers, alternative financial service providers, and money service businesses on product and service development, licensing, compliance program enhancement, and the applicability of federal and state consumer credit and other financial services laws. He frequently helps clients understand how financial services law maps onto new technologies and innovative products, having worked on matters involving big data, artificial intelligence, marketplace and online lending, blockchain, digital assets and cryptocurrencies, digital banking, and payment systems.  In addition, Ben provides financial services regulatory support for corporate and capital markets transactions.

Photo of Anne V. Dunne Anne V. Dunne

Anne V. Dunne focuses her practice on commercial litigation, concentrating on financial services, class action defense, government investigations, and whistleblower litigation. She handles claims in both state and federal courts on behalf of a wide range of clients, including consumer banks, financial services…

Anne V. Dunne focuses her practice on commercial litigation, concentrating on financial services, class action defense, government investigations, and whistleblower litigation. She handles claims in both state and federal courts on behalf of a wide range of clients, including consumer banks, financial services companies, national banks, mortgage lenders and servicers, credit card issuers, short-term lenders, student lenders, manufacturers, and large national retailers. Anne counsels clients on compliance with state and federal statutes and regulations, including TILA, FDCPA, TCPA, RESPA, ECOA, FCRA, Dodd-Frank, SOX, Chapter 93A, CUTPA, RFDCPA, and CCPA.

Additionally, Anne litigates claims of trade secret misappropriation, unfair competition, and breach of restrictive covenant agreements. She also represents corporations, officers, and directors on securities litigation matters, shareholder derivative actions, and other complex commercial disputes.

Photo of Michael E. Jusczyk Michael E. Jusczyk

Michael E. Jusczyk represents national financial institutions in escalated defensive litigation, including foreclosure-related and bankruptcy matters, and defends complaints alleging violations of state and federal financial regulation and consumer protection statutes. He appears on clients’ behalf in state and federal trial and appellate…

Michael E. Jusczyk represents national financial institutions in escalated defensive litigation, including foreclosure-related and bankruptcy matters, and defends complaints alleging violations of state and federal financial regulation and consumer protection statutes. He appears on clients’ behalf in state and federal trial and appellate courts for proceedings at all states of litigation and guides them through the mediation and arbitration processes when appropriate.

Michael advises national banks on compliance with federal and state regulations related to loan servicing, mortgage foreclosure, and loss mitigation. He also defends companies and educational institutions in FTC investigations and employment matters, including class-action suits and business-to-business contractual disputes and product liability claims, and advises clients regarding insurance coverage questions and product and food labeling requirements.

Michael also maintains an active pro bono practice, working with unaccompanied minors and defending their interests in immigration court and related state proceedings in partnership with K.I.N.D. (Kids in Need of Defense).

Jonathan Huie

Jonathan Huie has deep experience in the areas of government enforcement and regulatory matters across the technology, financial services, and food and drug industries. He advises businesses of all sizes on internal investigations and consumer issues. Jonathan works closely with clients on risk

Jonathan Huie has deep experience in the areas of government enforcement and regulatory matters across the technology, financial services, and food and drug industries. He advises businesses of all sizes on internal investigations and consumer issues. Jonathan works closely with clients on risk management issues with the goal of avoiding costly litigation and represents them in antitrust and complex commercial disputes when litigation cannot be avoided.