CFPB Prioritizes Redlining, Loan Servicing, And Small Business Lending

In its fifth annual fair lending report, the Consumer Financial Protection Bureau highlighted redlining, mortgage and student loan servicing, and small business lending as areas of focus for 2017.  CFPB Director Richard Cordray specifically noted these areas for enhanced enforcement actions, describing them as "significant or emerging fair lending risk to consumers."

"In 2017 we will increase our focus in the areas of redlining and mortgage and student loan servicing to ensure that creditworthy consumers have access to mortgage loans and to the full array of appropriate options when they have trouble paying their mortgages or student loans, regardless of their race or ethnicity," wrote Patrice Alexander Ficklin, Director of the Office of Fair Lending and Equal Opportunity.  "In addition, we will focus more fully on pursuing our statutory mandate to promote fair credit access for minority- and women-owned businesses."