The Consumer Financial Protection Bureau (CFPB) released a report Tuesday determining that credit access is key to consumer and small business economic mobility and prosperity.
CFPB officials said its annual Fair Lending Report to Congress highlights continued focus on promoting fair, equitable, and nondiscriminatory access to credit in mortgage lending. It also continued fair lending supervision of servicing and small business lending and embarked on new efforts to encourage innovation in expanding credit access.
The analysis detailed the manner in which the CFPB announced enforcement actions to address discrimination by a bank in its credit card lending and against a mortgage lender that failed to report accurate data about the applications it received and loans it made to consumers. The report also showed how the Bureau monitored lenders and servicers for compliance with the anti-discrimination laws under the CFPB’s jurisdiction and led efforts to collaborate with other federal banking regulators to issue new guidelines on how examiners evaluate whether covered mortgage lenders are reporting accurate data.
Information was also provided on fair lending to the public at large, including industry, consumer and civil rights group and other stakeholders, through blog posts, Supervisory Highlights reports and serving as presenters and panelists at a record number of events.
Bureau officials said the organization would continue to spur efforts to advance fair lending.