The U.S. District Court for the Northern District of Illinois recently used Section 19 of the FTC Act to impose a $5 million restitution award after the original restitution award under Section 13(b) was vacated by the Seventh Circuit based on its ruling that monetary relief was not available under Section 13(b).
Continue Reading Court Agrees with FTC: Can Seek Relief under Section 19
On July 1, the Federal Housing Finance Agency (FHFA) released a Policy Statement on its commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (collectively, “regulated entities”). The FHFA addressed its position on: (i) monitoring and information gathering; (ii) supervisory examinations; and (iii) administrative enforcement related to the Equal Credit Opportunity Act, the Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act. The FHFA added that the statement operates as a “foundation for future interpretations by the agency and its regulated entities.” Comments on the policy statement are due 60 days after publication in the Federal Register.
Continue Reading FHFA Releases Policy Statement On Fair Lending