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CFPB Releases 2016 Fair Lending Report
On Friday, April 14, 2017, the CFPB released its fair lending report for 2016, focusing on the Bureau’s work to protect consumers and better understand issues facing lenders. To this end, the Bureau reports it engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into it work; protected consumers by working with other government regulators and agencies to ensure companies reimbursed harmed consumers and put tools and processes in place to protect consumers; and encouraged lenders to find ways to expand access to credit in responsible ways, including to consumers with limited proficiency in English.
The report also outlined the Bureau’s goals for fair lending practices in 2017, highlighting the following areas:
- Redlining: The Bureau plans to evaluate whether lenders have intentionally discouraged prospective applicants in minority neighborhoods.
- Mortgage and student loan servicing: The Bureau plans to determine whether some borrowers who are behind on their mortgage or student loan payments have greater difficulty devolping solution with the servicer because of their race, ethnicity, age, or gender.
- Small business lending: The Bureau reports because small businesses are the backbone of our economy, it is focusing on how to ensure owners, including women and minorities, can better access lending.