Financial institutions risk violating federal protections against discrimination if they rely on immigration status to determine a consumer’s credit worthiness, the Consumer Financial Protection Bureau and Justice Department said.
My bank will be reporting small business lending data under the Equal Credit Opportunity Act…
In a new circular, the CFPB said that under the Equal Credit Opportunity Act and Regulation B, creditors are not permitted to use complex algorithms in credit decision-making if doing so means they are unable to provide “the specific and accurate reasons for adverse actions.”
In an advisory opinion, the CFPB affirmed that the Equal Credit Opportunity Act and its implementing regulation, Regulation B, protect consumers who are actively seeking credit as well as those who have sought and received credit.
The CFPB today signaled its intention to ramp up supervision activity around fair lending laws and unfair, deceptive and abusive acts and practices.
Acting Comptroller of the Currency Michael Hsu today encouraged banks to “explore the opportunities available through special purpose credit programs.”
The Department of Housing and Urban Development today issued guidance that for-profit companies’ special-purpose credit programs designed and implemented with the Equal Credit Opportunity Act do not generally violate the Fair Housing Act.
Mystery shopping is a form of internal self-testing—and a technique that banks may be subjected to by external organizations. Raise your fair lending IQ with compliance-focused aspects of mystery shopping.
The Federal Housing Finance Agency issued a policy statement today stating its position on fair lending laws with respect to the entities it regulates: Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
Questions and answers from the May/June 2021 ABA Regulatory Policy and Compliance Inbox.