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
About 1 in 5 #CUs offer credit-building loans,@SchenkMike @CUNA vice president of economics and statistics, told @CreditCardsCom
14 hours ago
RT @CUNA: DDoS attacks shorter, intense, more expensive: @VERISIGN HT @newsnowlivewire http://t.co/QiQKIEjK5v
14 hours ago
RT @CUNA: .@CUNACouncils launches new website. Offering site tours to current members. Check it out! http://t.co/YFJA1tKIxn
14 hours ago
.@Discover to support #ApplePay by fall http://t.co/3wDjkOVU7P HT @Forbes
16 hours ago
.@HUDgov requires investors to delay foreclosure for a year and offers a non-profit only pool sale http://t.co/WYzQrTL3QA
19 hours ago