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Category: Info for consumers |
Published

What you need to know about the Equal Credit Opportunity Act and how it can help you: Know your rights

In October, we celebrate the enactment of the Equal Credit Opportunity Act (ECOA), a law that protects consumers from discrimination in the financial marketplace. This week, we’re doing two blog posts about what ECOA is and how it protects you.

Category: Info for consumers |
Published

What you need to know about the Equal Credit Opportunity Act and how it can help you: Why it was passed and what it is

In October, we celebrate the enactment of the Equal Credit Opportunity Act (ECOA), a law that protects consumers from discrimination in the financial marketplace. This week, we’re doing a series of blog posts about what ECOA is and how it protects you.

Category: Info for consumers |
Published

La delimitación ilegal: Acción del CFPB y del Departamento de Justicia requiere que el banco BancorpSouth pague millones de dólares a consumidores perjudicados

El banco BancorpSouth pagará $10.6 millones para responder al problema de la delimitación ilegal y otras alegaciones de discriminación, luego de que por primera vez  el CFPB utilizara a personas encubiertas para ayudar a respaldar dichas alegaciones de discriminación.

Category: Info for consumers |
Published

Redlining: CFPB and DOJ action requires BancorpSouth Bank to pay millions to harmed consumers

BancorpSouth Bank will pay $10.6 million to address redlining and other discrimination claims. After, for the first time, we used undercover testers to help support claims of discrimination.

Category: Info for consumers |
Published

Usted tiene el derecho a que lo traten de manera justa en el mercado financiero

El garantizar un acceso equitativo y anti-discriminatorio en el proceso de obtener crédito apunta a la esencia misma de la misión del CFPB de proteger a los consumidores y promover la transparencia de los mercados financieros en los Estados Unidos. Durante este último año hemos obtenido reembolsos para consumidores perjudicados por prácticas discriminatorias y hemos supervisado a prestamistas para evitarles daño a los consumidores.

Category: Info for consumers |
Published

You have the right to be treated fairly in the financial marketplace

Ensuring fair and nondiscriminatory access to credit goes to the core of the Bureau’s mission of protecting consumers and promoting openness in America’s financial markets. In the past year we have gotten funds back for consumers harmed by discriminatory practices and we have supervised lenders to prevent harm to consumers. 

Category: At the CFPB | Category: Info for consumers |
Published

Prestatarios perjudicados por Ally reciben $80 millones en daños

En diciembre del 2013, junto con el Departamento de Justicia (DOJ) y en virtud de una orden de la corte federal, les ordenamos a Ally Financial Inc. y a Ally Bank que pagaran $80 millones (en inglés) en daños y perjuicios a los consumidores perjudicados por las políticas de precios de préstamos para automóviles discriminatorias de Ally.

Category: Info for consumers |
Published

El Banco de Ahorros Hudson City pagará $27 millones para aumentar el acceso al crédito en vecindarios mayormente afroamericanos e hispanos que discriminaba

Cuando usted está buscando una hipoteca, no debería tener que preocuparse por que lo discriminen. La Ley de Igualdad de Oportunidades de Crédito (ECOA, por sus siglas en inglés) prohíbe que los prestamistas discriminen a los solicitantes debido a su raza o etnicidad.

Category: Info for consumers |
Published

Hudson City Savings Bank tendrá que pagar $27 millones para aumentar el acceso al crédito en vecindarios predominantemente negros e hispanos contra los que discriminaba

Cuando usted está buscando una hipoteca, usted no debería tener que preocuparse por que lo discriminen. La Ley de Igualdad de Oportunidades de Crédito (ECOA) prohíbe que los prestamistas discriminen contra solicitantes por motivo de raza u origen étnico.

Category: Info for consumers | Category: Policy and compliance |
Published

Ally settlement administrator will contact eligible borrowers soon

We found that between April 2011 and December 2013, Ally’s markup policy resulted in African-American, Hispanic, Asian and Pacific Islander borrowers paying more for auto loans than similarly situated non-Hispanic white borrowers. Ally agreed to a settlement and is paying a settlement administrator to distribute the $80 million in damages to harmed borrowers.

Category: Data, research, and reports |
Published

We’re making progress toward ensuring fair access to credit

We’re releasing our third annual Fair Lending Report, which details the important strides we have taken over the last year to protect consumers from credit discrimination and increase access to credit.

Category: Info for consumers | Category: Policy and compliance |
Published

Ally to repay $80 million to consumers it discriminated against

When you shop for a car, auto lenders work with your auto dealer to offer you financing for your loan. Auto lenders consider the terms of your loan, your credit history, and other factors, to set a risk-based interest rate on your loan.  Many of them have policies that allow an auto dealer to “markup” […]

Category: Policy and compliance |
Published

Preventing illegal discrimination in auto lending

Every year, millions of American families buy a car – and it will be one of the most significant purchases they make. One key priority for us is protecting consumers from the silent pickpocket of discrimination. Discriminatory markups in auto lending may result in tens of millions of dollars in consumer harm each year. The […]

Category: Info for consumers |
Published

Buying a car? Here’s what you need to know

Today we announced how lenders can take steps to prevent discrimination in auto lending, but there are also steps that every consumer can take to make it more likely that they are getting a good deal on a car loan. If you’re shopping for a car loan, you’re not alone. The average loan for a new car is up to $26,691 – making auto loans an important decision for consumers. Read more»

Category: Data, research, and reports | Category: Policy and compliance |
Published

Fulfilling our fair lending mandate

We are responsible for ensuring “fair, equitable, and nondiscriminatory access to credit” under the Dodd-Frank Act. Today, we submitted a report to Congress on our efforts to fulfill this fair lending mandate. The CFPB has made great strides on this front over the past year, and the Fair Lending Report of the Consumer Financial Protection […]