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Not one single action against lenders who discriminate. Not one dollar returned to borrowers who got turned down or charged more because of the color of their skin. Rich Cordray filed 11 lending discrimination cases, recovered almost $620 million for consumers who were targets of discrimination.
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector.CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States.
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While at CFPB, he has announced plans to revise regulations collecting information about fair lending, a key tool in assessing whether discrimination even exists. Now he is stripping the Office of Fair Lending of its supervision and enforcement role, and moving what remains to a personnel office that reports to the director.
CFPB signals pullback on discrimination cases. which prohibits discrimination in lending.. The CFPB is not the first agency to target disparate impact under the Trump administration. Last week, the Department of Housing and Urban Development said it will take its own look at disparate.
The CFPB may seek to rely on a recent Seventh Circuit employment discrimination case to support its view that the Equal Credit Opportunity Act’s (ECOA’s) prohibition against discrimination on the basis of "sex" includes discrimination based on sexual orientation. In Hively v.
Bureau Targets Lending Practices that unlawfully price Out, Cut Off Specific Segments of the Population. WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) announced that it will use all available legal avenues, including disparate impact, to pursue lenders whose practices discriminate against consumers.
CFPB leaders discuss bureau’s Approach To Enforcement;. DOJ Reaches Deal In Auto lending discrimination case. Why it matters.. Specifically, the dealerships must omit hidden fees from the required down payment, are prohibited from repossessing a vehicle until the borrower has missed at.
questioned consumer financial protection bureau (cfpb) director Kathy Kraninger on the lack of enforcement action taken by the CFPB under her leadership and that. Not one dollar returned to borrowers who got turned down or charged. Rich Cordray filed 11 lending discrimination cases, recovered.