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ARTICLE · 12 AUGUST 2020

CFPB Solicits Assistance In Combatting Credit Discrimination

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.

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On July 28, 2020, the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) soliciting input on how best to protect consumers from unlawful discrimination...

United StatesConsumer Protection
Pete S. Michaels
Pete S. Michaels
Michael E. Pastore
Michael E. Pastore
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On July 28, 2020, the Consumer Financial Protection Bureau (CFPB) issued a request for information (RFI) soliciting input on how best to protect consumers from unlawful discrimination in all aspects of credit transactions. The CFPB is empowered by Regulation B to supervise and enforce compliance with the Equal Credit Opportunity Act (ECOA), which makes it unlawful for any creditor to discriminate "(1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract); (2) because all or part of the applicant's income derives from any public assistance program; or (3) because the applicant has in good faith exercised any right under [the Consumer Credit Protection Act]." See 15 U.S.C. 1691(a). While the RFI solicits general feedback relating to enforcement of the ECOA, it seeks particular comments relating to how to approach disparate impact analysis and how to encourage creditors to provide

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