CFPB: Information Requested on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System

The Consumer Financial Protection Bureau (Bureau) issued today a request for information (RFI) to seek public input on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.

The Equal Credit Opportunity Act (ECOA) and Regulation B make it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, or age; because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

The information provided will help the Bureau continue to explore ways to address regulatory compliance challenges while fulfilling the Bureau’s core mission to prevent unlawful discrimination and foster innovation.

The RFI is in lieu of a symposium the Bureau had planned to host on ECOA issues this Fall.

To read the RFI click here: https://files.consumerfinance.gov/f/documents/cfpb_rfi_equal-credit-opportunity-act-regulation-b.pdf 

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