Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Fair lending focus on high-risk areas, CFPB says
WASHINGTON (5/2/14)--High-risk areas have become the focus as the Consumer Financial Protection Bureau refines its fair lending examination and supervisory work, the agency said this week.

"For many consumers, access to responsible credit remains a challenge. Without fair and equal access to credit, some people may never reach their financial goals. Worse, some consumers may face discrimination in the process," CFPB Assistant Director for the Office of Fair Lending and Equal Opportunity Patrice Ficklin wrote.

He added, "We've created, refined, and implemented a process to focus our supervisory work on areas that present higher risk to consumers when it comes to fair lending."

Ficklin said the CFPB's supervisory work on behalf of consumers takes agency staff into institutions to analyze data and review policies and practices to determine compliance with the Equal Credit Opportunity Act and the Home Mortgage Disclosure Act.

The CFPB blog post highlighted recent agency actions against ECOA and HMDA violators, including:
  • Actions taken against two mortgage lenders that had significant mortgage loan application data errors;
  • Actions against a credit card company that unlawfully discriminated against car applicants;
  • Actions against a mortgage lender that charged African-American and Hispanic borrowers higher rates than it charged white borrowers with similar creditworthiness; and
  • Actions against an indirect auto lender that overcharged minority borrowers.
For more on CFPB enforcement, use the resource link.
Other Resources

CFPB Blog Post
RSS





print
News Now LiveWire
.@LACULeague in @DailyComet: #creditunions' "old" benefits attractive to new generation http://t.co/AzOv3nB7IB
7 hours ago
At @FTC request, court halts operations of an alleged debt-relief scammer calling itself “FTC Credit Solutions.” http://t.co/qMsDBmKExH
12 hours ago
.@daytondailynews : The secret is out about #creditunions http://t.co/Aqu3pFTROV @DayAirCU @CODECreditUnion
12 hours ago
.@CUNA's @Nussle on @SenatorReid :(2of2)On behalf of more than 102M #CU members,I thank him 4 his leadership over the yrs/wish him the best.
14 hours ago
.@CUNA CEO Nussle on Sen. Reid’s decision not 2 seek re-election (1of2): Sen. Reid has a long history of #CU support throughout his career.
14 hours ago