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CFPB Solicits Assistance in Combating Credit Discrimination

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 assistance and services to consumers with limited English proficiency.  This RFI comes as many federal agencies are reviewing the way they conduct business in the wake of Black Lives Matter protests against discrimination.  The timing of this RFI suggests that enforcement of the ECOA will be a priority of the CFPB.  Indeed, prior to issuing the RFI, the CFPB filed suit against a nonbank retail-mortgage creditor for discriminatory lending practices under the ECOA. 

Responses to the RFI are due to the CFPB by September 26, 2020.  The complete RFI can be found here.

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About this Author

Pete S. Michaels MIntz Member Securities Litigation White Collar Defense & Government Investigations Arbitration, Mediation,

Pete focuses his practice on securities litigation, regulatory proceedings involving financial service companies and products, and compliance matters. He represents multinational and regional financial services firms, including banks, broker-dealers, investment advisers, mutual fund firms, and insurance companies as well as their employees, directors, and officers.

Pete’s extensive experience with securities disputes includes class actions, state and federal court cases, arbitration, and related employment matters. He also represents clients before a wide range of federal, state and...

Michael E. Pastore Of Counsel Mintz Class Action Securities Litigation White Collar Defense & Government Investigations Arbitration, Mediation, ADR
Of Counsel

Michael focuses his practice on representing banks, financial services, and other companies in litigation and government proceedings involving consumer protection and other laws. He also handles arbitrations and guides clients through government and internal investigations. He represents publicly traded companies in a variety of industries, including retail and manufacturing, as well as Internet start-ups.

Michael’s extensive experience with consumer protection laws includes the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Truth in Lending Act (TILA), and Massachusetts’ consumer protection law, M.G.L. c. 93A. He represents and defends clients before federal and state agencies: the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the US Department of Justice (DOJ), the US Food and Drug Administration (FDA), the Massachusetts Attorney General’s Office, and the Massachusetts Securities Division.