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Category: Fair lending

Cracking down on discrimination in the financial sector

Posted in Discrimination, Fair lending, and Policy and compliance

Vigorous enforcement of the laws protecting against discrimination is essential for us to achieve broader equity and opportunity. The CFPB will prioritize enforcement of the Equal Credit Opportunity Act and its other authorities to ensure no one is discriminated against in connection with a consumer financial product or service.

Using special purpose credit programs to serve unmet credit needs

Posted in Access to credit, At the CFPB, Banking, Equal Credit Opportunity Act, Fair lending, and Mortgages

Far too many minority households and businesses continue to lack fair and equitable access to credit. Federal agencies encourage lenders to explore use of special purpose credit programs to better serve historically disadvantaged individuals and communities.