Troutman Pepper Attorneys Update Fair Lending Handbook for the American Association of Bank Directors
Washington, D.C. – Troutman Pepper Partners Lori Sommerfield and Chris Willis, along with Associate Sarah Pruett, have updated the Practical Handbook on Fair Lending for Bank Directors and Executive Officers (the Handbook) for the American Association of Bank Directors (AABD). Sommerfield co-authored the original Handbook with AABD’s President, David Baris, in 2016.
Published and available for purchase through Amazon in paperback and e-book formats, the new second edition of AABD’s Handbook addresses the dramatic shift in the regulatory landscape for enforcement of the federal fair lending laws over the past decade, with aggressive enforcement of the Equal Credit Opportunity Act and Fair Housing Act by federal agencies (including the CFPB, U.S. Department of Justice, and federal banking agencies) under various presidential administrations.
The AABD’s Handbook is designed to help individual bank and savings institution directors and executive officers understand and help guide their bank’s fair lending compliance efforts. Specifically, the Handbook is intended to raise awareness and provide education to directors and executive officers about the federal fair lending laws and related laws, as well as offer guidance to directors and executive management on their roles in providing meaningful oversight for fair lending risk management.
The Handbook also describes best practices to enhance banks’ fair lending compliance programs to meet regulatory expectations. For this reason, the Handbook serves as a helpful resource for others, including chief risk officers, chief compliance officers, and fair lending officers.
“We were thrilled to be involved in creating the second edition of the Handbook with David Baris at AABD,” said Sommerfield. “At Troutman Pepper, we are constantly monitoring fair lending legal and regulatory developments to help banks and nonbanks effectively navigate through regulatory compliance, examination, supervision and enforcement issues.”
Troutman Pepper has more than 200 attorneys who regularly advise financial services providers and is nationally recognized for its prowess in the field. A two-time winner of Law360’s Consumer Protection Practice Group of the Year award, Troutman Pepper’s Consumer Financial Services practice is ranked by Chambers USA at the national level for consumer finance compliance and litigation. The team helps clients resolve litigation, provides regulatory guidance, and assists with investigations and enforcement actions initiated by federal and state government agencies. In 2021, Troutman Pepper was named FinTech Law Firm of the Year by The Deal, becoming the first firm to receive the award.
About Troutman Pepper
Troutman Pepper is a national law firm with more than 1,200 attorneys strategically located in 23 U.S. cities. The firm’s litigation, transactional, and regulatory practices advise a diverse client base, from start-ups to multinational enterprises. The firm provides sophisticated legal solutions to clients’ most pressing business challenges, with depth across industry sectors, including energy, financial services, health sciences, insurance, and private equity, among others. Learn more at troutman.com.