CFPB Seeks Comments on Ways to Prevent Credit Discrimination

The bureau’s request for information focused on expanding access to credit and building a more inclusive financial system.

7/31/2020 8:00 AM

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CFPB Seeks Comments on Ways to Prevent Credit Discrimination

The Consumer Financial Protection Bureau is seeking 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, according to a news release.

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 bureau reports.

Comments on the request for information (RFI) are due 60 days after publication in the Federal Register and, identified by Docket No. CFPB-2020-0026, may be submitted by any of the following methods:

Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.

Email: 2020-RFI-ECOA@cfpb.gov . Include Docket No. CFPB-2020-0026 in the subject line of the message.

Mail/Hand Delivery/Courier: Comment Intake, Bureau of Consumer Financial Protection, 1700 G Street, NW, Washington, DC 20552. Please note that due to circumstances associated with the COVID-19 pandemic, the bureau discourages the submission of comments by mail, hand delivery or courier.

The information provided will help the CFPB continue to explore ways to address regulatory compliance challenges while fulfilling the bureau’s core mission to prevent unlawful discrimination and foster innovation, according to the news release.

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

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org  or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

CFPB Seeks Comments on Ways to Prevent Credit Discrimination

The Consumer Financial Protection Bureau is seeking 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, according to a news release.

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 bureau reports.

Comments on the request for information (RFI) are due 60 days after publication in the Federal Register and, identified by Docket No. CFPB-2020-0026, may be submitted by any of the following methods:

Federal eRulemaking Portal: Go to http://www.regulations.gov. Follow the instructions for submitting comments.

Email: 2020-RFI-ECOA@cfpb.gov . Include Docket No. CFPB-2020-0026 in the subject line of the message.

Mail/Hand Delivery/Courier: Comment Intake, Bureau of Consumer Financial Protection, 1700 G Street, NW, Washington, DC 20552. Please note that due to circumstances associated with the COVID-19 pandemic, the bureau discourages the submission of comments by mail, hand delivery or courier.

The information provided will help the CFPB continue to explore ways to address regulatory compliance challenges while fulfilling the bureau’s core mission to prevent unlawful discrimination and foster innovation, according to the news release.

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

For more information on how the ACA Licensing staff can assist with your licensing needs, please contact us at Licensing@acainternational.org  or call (952) 926-6547.


Follow ACA International on Twitter @ACAIntl and @acacollector, Facebook and request to join our LinkedIn group for news and event updates. ACA International members are welcome to submit news items for possible publication to comm@acainternational.org. Visit our publications page for news submission guidelines and subscriptions to ACA Daily, Collector magazine and Pulse.

Advertising is available for companies wishing to promote their products or services. Be sure to visit the ACA Events Calendar on the Education and Training page to view our listing of upcoming CORE Curriculum and Hot Topic seminars featuring critical educational opportunities for your company.


Subscribe to ACA Daily NEWSROOM

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