Aug 25 -- CFPB extends comment deadline to December 1, 2020. Subsequent to issuance of the RFI on July 28, representatives from several industry organizations and consumer groups asked the Bureau to extend the deadline for submission of comments, to allow interested parties more time to conduct outreach to relevant constituencies and to address the many issues raised in the RFI. The Bureau believes that an extension of the RFI comment period to December 1, 2020, is appropriate. https://www.federalregister.gov/documents/2020/08/25/2020-18557/request-for-information-on-the-equal-credit-opportunity-act-and-regulation-b-extension-of-comment
Aug 3 -- The Consumer Financial Protection Bureau (Bureau) seeks comments and information to identify opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, equitable, and nondiscriminatory access to credit, address potential regulatory uncertainty, and develop viable solutions to regulatory compliance challenges under the Equal Credit Opportunity Act (ECOA) and Regulation B. Comments must be received by October 2, 2020.
Request for Information (RFI): https://www.federalregister.gov/documents/2020/08/03/2020-16722/request-for-information-on-the-equal-credit-opportunity-act-and-regulation-b
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) granted primary authority to the Bureau to supervise and enforce compliance with ECOA and its implementing regulation, Regulation B, for entities within Bureau's jurisdiction and to issue regulations and guidance to interpret ECOA. The Dodd-Frank Act requires the Bureau to report on its efforts “to fulfill the fair lending mission of the Bureau,” and authorizes it to “engage in . . . requests for information, [which] includes matters relating to fair lending.”
The ECOA, which is implemented by Regulation B, applies to creditors. The statute makes it unlawful for “any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction (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].”
The Bureau seeks comments on the actions it can take or should consider taking to prevent credit discrimination, encourage responsible innovation, promote fair, equitable, and nondiscriminatory access to credit, address potential regulatory uncertainty, and develop viable solutions to regulatory compliance challenges under ECOA and Regulation B. The information provided will help the Bureau identify how it can continue to create a regulatory environment that expands access to credit, help to ensure that all consumers and communities are protected from discrimination in all aspects of a credit transaction, and develop approaches to address regulatory compliance challenges.
In particular, the Bureau requests commenters to respond to questions on ten topics: Disparate Impact, Limited English Proficiency, Special Purpose Credit Programs, Affirmative Advertising to Disadvantaged Groups, Small Business Lending, Sexual Orientation and Gender Identity Discrimination, Scope of Federal Preemption of State Law, Public Assistance Income, Artificial Intelligence and Machine Learning, and ECOA Adverse Action Notices.