Fair Lending a CFPB Priority

On December 16th, the Consumer Financial Protection Bureau (CFPB) released a blog posting announcing that fair lending will be a priority to the agency in 2017.To date the CFPB has taken action against entities for fair lending violations to the tune of over $400 million in payments and credits to more than 500,000 consumers.  The CFPB is not done with fair lending enforcement and plans to focus on the following 3 areas in 2017:

  • Redlining
  • Mortgage and Student Loan Servicing
  • Small Business Lending

This represents a shift away from the CFPB primarily focusing on areas such as large auto lenders and the credit card market.

http://www.consumerfinance.gov/about-us/blog/fair-lending-priorities-new-year/

  • 218-790-1086

John Zasada is a principal with CLA and leads the firm’s financial institution regulatory compliance practice. He assists banks and credit unions nationwide in establishing regulatory compliance programs, conducting compliance testing, training staff on regulations, and performing website compliance assessments. In addition, John is a frequent speaker at industry conferences and state associations. Prior to joining CLA, he served as managing director at a top-10 accounting firm and as the compliance officer of a large financial institution, where he developed and implemented its first regulatory compliance program.

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