CFPB Releases Fair Lending Report

The Consumer Financial Protection Bureau released its third annual report on fair lending. The report discusses the bureau’s work in the past year involving supervision and enforcement in mortgage lending, indirect auto lending, credit cards, and in other credit markets. Specifically, the bureau in 2014 ordered financial institutions to provide approximately $224 million in remediation to about 303,000 consumers, and to provide non-monetary relief to consumers.

The report also discusses the bureau’s 2014 proposed rule defining nonbank larger participants of the auto financing market. If adopted, nonbank entities that meet the requirements to be larger participants would be subject to Bureau supervision. The Bureau continues to work with other agencies and the industry to effectively implement laws and regulations, the report said.