On July 28, 2020, the CFPB issued an ask for information (“RFI”) seeking public input on how to create a regulatory environment that expands use of credit and guarantees customers and communities are protected from discrimination in every respect of credit deals. The Bureau issued the RFI in place of a symposium it decided to host this autumn on Equal Credit chance Act (“ECOA”) problems.
Simultaneously, CFPB Director Kathleen Kraninger issued a post (entitled “The Bureau is using action to build an even more inclusive economic system”) explaining that the Bureau seeks to relax and play a leading role into the nationwide conversation about racial inequality by firmly taking action concerning reasonable therapy and equitable use of credit. Toward that end, the CFPB is “taking steps to simply help create genuine and sustainable alterations in our economic system making sure that African People in the us along with other minorities have actually equal possibilities to build wide range and shut the financial divide. ” Relating to Director Kraninger, issuance regarding the RFI – using the aim of establishing clear requirements to aid minorities – could be the first rung on the ladder in that work.
The info desired into the CFPB’s RFI was created to assist the Bureau explore approaches to market use of credit, recognize possibilities to avoid credit discrimination, encourage accountable innovation, and address uncertainty that is regulatory.