WASHINGTON—The Consumer Financial Protection Bureau has issued a request for information (RFI) on how best to create a regulatory environment that expands access to credit and “ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction.”
The input the Bureau said it is seeking is designed to help it continue to explore ways to address regulatory compliance challenges while fulfilling the its core mission to prevent unlawful discrimination and foster innovation, the agency stated.
The CFPB added the Equal Credit Opportunity Act (ECOA) and Regulation B make it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, or age; because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
The RFI is in lieu of a symposium the Bureau had planned to host on ECOA issues this Fall.
To read the RFI click here.