Building a robust fair lending program and demonstrating compliance is not easy, but merely avoiding unlawful credit discrimination doesn’t need to be the ultimate goal. Here are ways for compliance professionals to promote equity and financial inclusion.
The Consumer Financial Protection Bureau today issued a statement encouraging financial institutions to expand access to financial products and services for consumers with limited English proficiency.
The Consumer Financial Protection Bureau today issued guidance on Regulation B—which implements the Equal Credit Opportunity Act—as it applies to special purpose credit programs, a move advocated by ABA.
In a comment letter to the CFPB filed late Tuesday, ABA offered feedback on ways to prevent credit discrimination under the Equal Credit Opportunity Act and create a regulatory environment that expands access to credit.
The Consumer Financial Protection Bureau today issued a request for information seeking on ways to create a regulatory environment that expands access to credit and ensures consumers and communities are protected from discrimination in all aspects of credit transactions.
The Consumer Financial Protection Bureau today published a compliance aid to provide additional clarity regarding banks’ obligations under the Equal Credit Opportunity Act with regard to borrowers who have applied for a Small Business Administration Paycheck Protection Program loan.
AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about “black boxes” have impeded wider adoption of these technologies, the regulatory environment is shifting.
The Consumer Financial Protection Bureau issued an interpretive rule yesterday clarifying that, due to the COVID-19 emergency, consumers have a greater ability to exercise their rights to modify or waive certain required waiting periods under the TILA-RESPA integrated disclosures and Regulation Z rescission rules.
The Consumer Financial Protection Bureau wants to spur innovation in the use of artificial intelligence and machine learning in financial services, CFPB Director Kathleen Kraninger said today.
…and more insights from ABA’s Compliance Center Inbox in the next issue of the ABA Banking Journal.