The bureau’s request for information focused on expanding access to credit and building a more inclusive financial system.
7/31/2020 9:00
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: [email protected] . 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.
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