CFPB’s Fair Lending Organizational Change
The acting director of the Consumer Financial Protection Bureau (CFPB), Mick Mulvaney, is moving members of the Office of Fair Lending and Equal Opportunity to his office. Consumer Reports reported that these fair lending staff personnel will go from filing legal enforcement actions against lenders to focusing on advocacy, coordination and education. The CFPB indicated that it will still investigate and prosecute unfair lending practices. Consumers who think they are victims of fair lending violations can continue to report instances on the CFPB’s complaint database.
CLA’s financial institution regulatory compliance team assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, and training staff on regulations. Justin Robinson is a member of CLA’s regulatory compliance team and can be reached at justin.robinson@CLAconnect.com.
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