Deliver Your News to the World

CFPB Extends Comment Period on Request for Information on Ways to Prevent Credit Discrimination and Build a More Inclusive Financial System


WASHINGTON, D.C. – WEBWIRE

The Consumer Financial Protection Bureau (Bureau) announced today that it will provide an additional 60 days for public comment on its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction. The extension for submission of comments provides interested parties with more time to conduct outreach to relevant constituencies and to address the many issues raised in the RFI. The original deadline for submissions was October 2, 2020. The comment period will now close on December 1, 2020.

The Equal Credit Opportunity Act (ECOA) and Regulation B make it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex or marital status, or age; because all or part of the applicantís income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.

The information provided will help the Bureau continue to explore ways to address regulatory compliance challenges while fulfilling the Bureauís core mission to prevent unlawful discrimination and foster innovation.

To read the RFI click here: https://files.consumerfinance.gov/f/documents/cfpb_rfi_equal-credit-opportunity-act-regulation-b_comment-period-extension.pdf

###

The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.


( Press Release Image: https://photos.webwire.com/prmedia/5/262954/262954-1.png )


WebWireID262954





This news content was configured by WebWire editorial staff. Linking is permitted.

News Release Distribution and Press Release Distribution Services Provided by WebWire.