Consumer Financial Protection Bureau ↔ Equal Credit Opportunity Act

Relations (1)

cross_type 4.70 — strongly supporting 17 facts

The Consumer Financial Protection Bureau is the federal agency authorized by Congress to enforce the Equal Credit Opportunity Act, as established in [1]. The Bureau actively implements, interprets, and enforces this statute through rulemaking, supervisory oversight, and public enforcement actions, as detailed in [2], [3], [4], and [5].

Facts (17)

Sources

Fair Lending Report of the Consumer Financial Protection Bureau federalregister.gov Consumer Financial Protection Bureau 17 facts

procedureThe Consumer Financial Protection Bureau (CFPB) is statutorily required to file an annual report to Congress describing the administration of its functions under the Equal Credit Opportunity Act (ECOA), summarizing public enforcement actions by other agencies, and assessing compliance with ECOA.

measurementIn 2023, the FDIC, NCUA, FRB, OCC, and CFPB collectively made 33 referrals to the Department of Justice (DOJ) involving discrimination in violation of the Equal Credit Opportunity Act (ECOA).

claimThe National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) reported violations of 12 CFR 1002.4 and 1002.7(d)(1) regarding discrimination on a prohibited basis and improper signature requirements in 2023.

claimThe Consumer Financial Protection Bureau (CFPB) filed an appellate brief addressing three issues: the timeliness of a plaintiff's claims under the doctrine of equitable tolling, the propriety of district court jury instructions under the Equal Credit Opportunity Act (ECOA), and the public policy goals undermined by enforcing a waiver of claims in a loan modification agreement.

claimThe Consumer Financial Protection Bureau interprets the Equal Credit Opportunity Act's (ECOA) prohibition on discrimination as applying to 'any aspect of a credit transaction,' covering all dealings between a borrower and a creditor, rather than being limited to specific loan terms like interest rates or fees.

claimThe Consumer Financial Protection Bureau (CFPB) issued a final rule on small business lending under the Equal Credit Opportunity Act (ECOA), as mandated by section 1071 of the Dodd-Frank Act.

claimTo survive a motion to dismiss under the Equal Credit Opportunity Act (ECOA), plaintiffs are only required to plead facts that plausibly allege discrimination, rather than establishing a prima facie case, which the Consumer Financial Protection Bureau defines as an evidentiary standard rather than a pleading requirement.

perspectiveThe Consumer Financial Protection Bureau (CFPB) asserts that discriminatory targeting violates the Equal Credit Opportunity Act (ECOA).

claimThe Consumer Financial Protection Bureau (CFPB) reported violations of 12 CFR 1002.6(b)(2) and (5) in 2023, which concern the improper evaluation of age and receipt of public assistance in a credit transaction.

measurementIn 2023, federal agencies and the Consumer Financial Protection Bureau collectively reported citing 189 institutions for violations of the Equal Credit Opportunity Act (ECOA) and/or Regulation B.

claimThe Consumer Financial Protection Bureau's 30th edition of 'Supervisory Highlights' reported that mortgage lenders violated the Equal Credit Opportunity Act (ECOA) and Regulation B by discriminating in the granting of pricing exceptions based on race, national origin, sex, and age.

claimOn June 5, 2023, the CFPB published a document affirming that the Equal Credit Opportunity Act (ECOA) and Regulation B apply to franchisees seeking credit to finance their businesses.

claimOn March 13, 2023, the Consumer Financial Protection Bureau and the Department of Justice filed a joint statement of interest in Connolly & Mott v. Lanham et al., asserting that reliance on discriminatory home appraisals can violate the Equal Credit Opportunity Act (ECOA).

claimThe Consumer Financial Protection Bureau assesses whether lenders comply with the adverse action notice requirements of the Equal Credit Opportunity Act (ECOA) and Regulation B, and whether lenders maintain policies that unlawfully exclude property based on geography, exclude certain types of income, or treat criminal history in an unlawful manner.

claimThe Consumer Financial Protection Bureau (CFPB) provides informal staff guidance to financial institutions and service providers regarding statutes and rules it implements, such as the Equal Credit Opportunity Act (ECOA), Regulation B, the Home Mortgage Disclosure Act (HMDA), and Regulation C, via its Regulation Inquiries platform.

claimThe Consumer Financial Protection Bureau (CFPB) reported several referrals regarding discriminatory lending practices, including one matter involving race-based redlining in mortgage lending, three matters involving race and national origin-based redlining in mortgage lending, one matter involving discrimination in commercial loan underwriting based on race, color, national origin, and religion, one matter involving auto loan pricing discrimination based on sex or gender, and one matter involving auto loan pricing discrimination based on race and national origin.

claimIn 2023, the Consumer Financial Protection Bureau (CFPB) referred 18 fair lending matters to the Department of Justice (DOJ), including cases involving redlining, discrimination in underwriting based on public assistance income, predatory targeting based on race and national origin, discrimination in pricing exceptions, and discrimination in credit cards.