The CFPB is taking steps to help create real and sustainable changes in our financial system so that African Americans and other minorities have equal opportunities to build wealth and close the economic divide.
The Bureau is committed to ensuring fair, equitable, and nondiscriminatory access to credit for both individuals and communities. This report describes our fair lending activities in innovation, outreach, prioritization, guidance and rulemaking, supervision, and enforcement for calendar year 2019.
This report on the Bureau’s September 17th, 2018 Building a Bridge to Credit Visibility Symposium summarizes the panel discussions that took place during the event, and highlights the key themes that stood out from those conversations.
This report describes our fair lending activities in supervision, enforcement, guidance and rulemaking, interagency coordination, and outreach for calendar year 2018.
The Bureau’s annual Fair Lending Report to Congress highlights 2017 work to promote fair, equitable, and nondiscriminatory access to credit.
What you need to know to get money from the settlement with BancorpSouth Bank for alleged discrimination
The BancorpSouth Settlement Administrator recently mailed packets to identified consumers with instructions for how to take part in the settlement. If you think you are eligible, you should look for a packet in the mail and follow the instructions.
African-American and Hispanic borrowers harmed by Provident will receive $9 million in compensation
Provident borrowers who were charged higher broker fees will receive compensation.
A look at the CFPB’s fair lending focus in the new year.
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.
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.
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.
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.
Hudson City Savings Bank to pay $27 million to increase access to credit in Black and Hispanic neighborhoods it discriminated against
The complaint alleges that Hudson City redlined by locating its branches and selecting mortgage brokers nearly all outside of majority-Black-and-Hispanic neighborhoods, among other actions. In other words, it intentionally discouraged potential borrowers from equal access to credit in majority-Black-and-Hispanic neighborhoods in New Jersey, New York, Connecticut, and Pennsylvania.
Last year, together with the Department of Justice, we filed a complaint against National City Bank (National City) for discriminating in mortgage loan pricing. The complaint alleged that National City charged African-American and Hispanic borrowers higher prices on their mortgage loans than similarly-situated white borrowers between 2002 and 2008. The parties agreed on a settlement, and a federal court has ordered PNC Bank, which purchased National City in 2009, to provide $35 million in relief to minority borrowers who overpaid.
We are tasked, along with other agencies, by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, to develop standards that can be used for assessing the diversity policies and practices of financial service providers. Together with the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, […]
Today is my first day as the Director of the Office of Minority and Women Inclusion at the CFPB. I’m coming to the CFPB after serving nine years at the U.S. Equal Employment Opportunity Commission (Commission). There I worked to protect the public from unlawful discrimination and harassment in all work situations.
I came to the CFPB because I know this is a place that shares those same values. Here we have a team that understands that to help all consumers we need to have a wide range of perspectives in-house. Our Office of Minority and Women Inclusion will work to ensure that diversity and inclusion are more than just considerations; they are defining standards for the work we do.
In the months since the CFPB officially opened its doors, the Bureau has been moving at full speed to engage consumers and bring greater transparency to the financial marketplace. We’ve been hard at work building our consumer response system, creating our Know Before You Owe campaigns, and forming a strong foundation for our supervision, examination, […]
The CFPB is the first federal agency with the primary mission of making consumer financial markets work for American consumers. Congress charged us with ensuring that: All consumers have access to markets for consumer financial products and services; and Markets for consumer financial products and services are fair, transparent, and competitive.