ARTICLE · 21 MARCH 2022

CFPB Issues Release Regarding Its Intent To Target "Unfair Discrimination In Consumer Finance"

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The Consumer Financial Protection Bureau ("CFPB") issued a release on March 16, 2022 in order to announce changes to its supervisory operations with respect to discriminatory lending and servicing practices.

United StatesConsumer Protection

Andrew J. Narod

Christopher K. Friedman

Beryl Newchurch Billings

The Consumer Financial Protection Bureau ("CFPB") issued a release on March 16, 2022 in order to announce changes to its supervisory operations with respect to discriminatory lending and servicing practices.

In its press release, the CFPB explains that it has changed its approach towards examination of banks and non-banks in order to more closely "scrutinize" discriminatory practices. The CFPB's announced changes are significant-as under the CFPB's newly updated exam manual for evaluating unfair, deceptive, and abusive acts and practices (UDAAPs), both unintentional discriminatory practices and practices that fall outside of the scope of the Equal Credit Opportunity Act (ECOA) now may be held to meet the criteria for "unfairness." Although not altogether unexpected, this announcement represents a substantial expansion of the regulator's authority to police practices it deems discriminatory.

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