On July 28, 2020, the CFPB issued a ask for information (“RFI”) seeking public input on the best way to create a regulatory environment that expands use of credit and guarantees consumers and communities are protected from discrimination in every respect of credit deals. The Bureau issued the RFI in place of a symposium it decided to host this fall on Equal Credit chance Act (“ECOA”) problems.
Simultaneously, CFPB Director Kathleen Kraninger issued an article (entitled “The Bureau is following through to build a far more inclusive financial system”) explaining that the Bureau seeks to relax and play a number one role when you look at the nationwide discussion about racial inequality by firmly taking action concerning reasonable therapy and equitable use of credit. Toward that end, the CFPB is “taking actions to simply help produce genuine and sustainable alterations in our monetary system making sure that African People in the us along with other minorities have actually equal possibilities to build wide range and shut the financial divide. ” Relating to Director Kraninger, issuance for the RFI – with all the objective of developing clear requirements to greatly help minorities – could be the first rung on the ladder in that work. Continue reading