Knowledge Tree
Relations (1)
cross_type 2.32 — strongly supporting 3 facts
The Consumer Financial Protection Bureau actively regulates and investigates redlining as a discriminatory lending practice, as evidenced by their formal definition of the term [1] and their enforcement actions against mortgage lenders [2]. Furthermore, the agency frequently refers cases involving redlining to the Department of Justice [3] and tracks specific instances of race and national origin-based redlining in mortgage lending [4].
Facts (3)
Sources
Fair Lending Report of the Consumer Financial Protection Bureau federalregister.gov 3 facts
claimIn 2023, the Consumer Financial Protection Bureau (CFPB) issued Matters Requiring Attention and Memoranda of Understanding to mortgage lenders, directing them to take corrective actions regarding redlining, including providing consumer remediation to spur lending in redlined areas.
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.