The Consumer Financial Protection Bureau ("CFPB") highlighted its efforts to promote "fair, equitable, and nondiscriminatory access to credit" throughout 2017.
According to the Fair Lending Report, the CFPB:
- initiated enforcement actions against (i) a bank for discrimination in its credit card lending and (ii) a mortgage lender that neglected to report accurate data about the applications it received and loans it granted to customers;
- monitored lenders and services for compliance with the CFPB's anti-discrimination laws;
- "issued a no-action letter to a company that uses alternative, or non-traditional data to make credit and pricing decisions." The CFPB said that the letter "support[s] innovation and enable[s] people with limited credit history, among others, to obtain credit or obtain credit on better terms;"
- led efforts to collaborate with other federal banking regulators to establish new guidelines on how examiners assess whether covered mortgage lenders are reporting precise data; and
- communicated information to the public regarding fair lending.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.