St Casimirs Mortgage Minute

CFPB Sends First Fair Lending Report to Congress



The Consumer Financial Protection Bureau late last week sent to Congress its first fair lending report. “We are responsible for ensuring ‘fair, equitable, and nondiscriminatory access to credit’ under the Dodd-Frank Act … [and] we submitted a report … on our efforts to fulfill this fair lending mandate,” Patrice Ficklin, the CFPB assistant director for fair lending, explained in a blog on the agency’s website.

The report said that some of the CFPB’s first-year accomplishments included using fair lending supervisory oversight and enforcement to identify and eliminate consumer harm; educating consumers and promoting awareness of federal fair lending laws; and completing fair lending reviews at dozens of bank and nonbank institutions.

“We are still in the process of building our … program and expect the CFPB’s contribution to the work of ensuring compliance with fair lending laws and promoting access to credit will grow … ,” the report said. “We are also developing risk-based approaches to our … supervision and enforcement work to efficiently allocate the CFPB’s resources in a manner that provides the greatest benefit to consumers.  --ABA Daily Newsbytes