CFPB Reports on Fair Lending Accomplishments, Outlines Relationship with DOJ

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Posted To: MND NewsWire

The focus was on fair lending this week as the Consumer Financial Protection Bureau ( CFPB ) submitted a report to Congress on its maiden year work in the area and signed a Memo of understanding with the Department of Justice (DOJ) to Work Together to Protect Consumers from Credit Discrimination. The Fair Lending Repor t details what the agency has done under its mandate to enforce several consumer financial laws including the Equal Credit Opportunity Act (ECOA) and the Home Mortgage Disclosure Act (HMDA). The memorandum (MOU) creates a framework for the two agencies to work together to strengthen coordination on fair lending enforcement and avoid duplication of their respective federal law enforcement efforts. Both the CFPB and the Justice Department have authority to protect against discriminatory...(read more)

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Source: www.mortgagenewsdaily.com

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