Press Coverage March 18, 2026

How Trump Is Turning Fair Lending Law on Its Head

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Lori Sommerfield

Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, was quoted in the March 18, 2026 American Banker article, “How Trump Is Turning Fair Lending Law on Its Head.”

  • Lori Sommerfield, a partner at Troutman Pepper Locke, said the CFPB will immediately be sued by consumer advocacy groups. Congress would have to change ECOA to “truly effect this change,” she said. 
  • “I don’t see the rule being finalized for two to three years,” said Sommerfield. “It will be tied up in litigation by consumer advocacy groups that will go on for years.”
  • …
  • “We believe that the agencies are likely looking for a poster child, or two or three, that they can point to as having engaged in illegal debanking activity, to be used as an example for the rest of the banking industry,” said Sommerfield.  
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