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:
- 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.