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/
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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