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We’re building a stronger nation through racial and economic equity

The COVID-19 global pandemic laid bare the inequities in health care and wealth creation that have long existed in this country, much of it created by systemic and institutional racism and discrimination. We are using our tools and authority ─ through rulemaking, supervision, enforcement, research, and consumer engagement ─ to protect and fight for fairness for all consumers in financial markets.

Our nation has a history of racial and economic inequity


For underserved communities, the pandemic has worsened housing instability

aerial view of homes

In 2020, those who have fallen behind at least three months on their mortgage increased 250 percent to over 2 million households and is now at a level not seen since the height of the Great Recession in 2010.

In our report , we found Black and Hispanic borrowers are disproportionately likely to be in forbearance or delinquency compared to white borrowers.


Share of households behind on housing payments by race/ethnicity and tenure, December 2020

Three graphs breaking down percentage of households behind on housing payments, based on December 2020 data. For renters: Renters: 12% White; 27% Black; 23% Hispanic; 22% Asian. For homeowners: 5% White; 18% Black; 14% Hispanic; 10% Asian. For all households: 7% White; 22% Black; 18% Hispanic; 13% Asian. Source: CFPB analysis of Census Household Pulse Survey, Week 21 (Dec. 9 - December 21, 2020)


Unemployment rate by race and ethnicity,
January 2020 — December 2020

White: 3.0% in 01/2020; 5.9% in 12/2020. Black: 6.0% in 01/2020; 9.9% in 12/2020. Hispanic: 4.3% in 01/2020; 9.3% in 12/2020. Asian: 3.1% in 01/2020; 6.0% in 12/2020. Source: Federal Reserve Bank of St. Louis


Share of renters that report it is likely they will be evicted, December 2020

White: 6.2%. Black: 15.7%. Hispanic: 11.3%. Asian: 4%. All: 9.3%. Source: CFPB analysis of Census Household Pulse Survey, Week 21 (Dec. 9 - December 21, 2020)


We are listening and taking action

While many are beginning to return to some sort of normal, many are still struggling to stay in their homes. And to them, our message is clear: “We have your back.”

View our Coronavirus consumer resources

View our recent rulemaking activities

View rules under development


We are fighting for fairness for economically vulnerable consumers

cfpb entrance

Fair lending

We were built on the understanding that when the rules are fair, we have a chance to build stronger families and a stronger nation. A key component to this has been the CFPB’s fair lending work to ensure the fair, equitable, and nondiscriminatory access to credit for both individuals and their communities.

Read the 2020 Fair Lending Report to Congress

Read the 2020 Office of Minority and Women Inclusion (OMWI) annual report to Congress

Home Mortgage Disclosure Act (HMDA)

Our work on HMDA ensures that many financial institutions maintain, report, and publicly disclose information about mortgage loans to determine if they are serving the housing needs of their communities, and to identify possible discriminatory lending patterns. Read more about HMDA

Equal Credit Opportunity Act (ECOA)

ECOA is a federal law that makes it illegal for a creditor to discriminate against you, in any aspect of a credit transaction, because of sex (including sexual orientation and gender identity), age (provided the applicant is old enough to enter a contract), race, color, national origin, religion, marital status, whether you have exercised certain rights, and whether all or part of your income is from any public assistance program. Read more about ECOA

For more information on credit discrimination, see our brochures for consumers, available in English and Spanish and for those who work with consumers in English and Spanish .

Fair lending and small businesses

Section 1071 of Dodd-Frank Act amended ECOA to require financial institutions to compile, maintain, and submit to the CFPB certain data on applications for credit for minority-owned, women-owned, and small businesses. Read more about section 1071


We believe everyone deserves equal access to economic opportunity

People with a limited understanding of the English language often encounter significant barriers in the consumer financial marketplace because of challenges understanding financial disclosures and other documents not available in their preferred language. We encourage financial institutions to better serve consumers with limited English proficiency (LEP) because we understand how important it is for consumers to be able to understand financial terms and make well-informed decisions.


We’re committed to diversity, equity, and inclusion

We take racial and economic equity personally. Our workforce is made up of people who have first-hand knowledge of the issues we seek to eliminate.

"I was a college educated first time buyer when I purchased my first home. I had a basic understanding of real estate transactions and believed that I conducted my due diligence of researching the property and mortgage process. I even got pre-approved for my mortgage, but still fell prey to predatory lending practices and fair lending discrimination.

"It was not until I was in my second year in law school, working at the Fair Housing Legal Clinic, that I realized I was a victim of the discriminatory practice of reverse redlining and predatory lending. Because of this, I realized that fair housing and consumer protection is my calling."

Charles

"Diversity, equity and inclusion were instilled in me from a young age. My parents emigrated to the United States from southern India, by way of Ireland, in 1973 and faced experiences that challenged them as they sought to put down new roots and raise a family. To almost everyone I meet, they do not believe I am Indian based off my appearance. Due to this inaccurate assumption, I have had to self-educate how to handle possibly problematic situations, including dealing with law enforcement. The culture and knowledge-of-self my family here and in India imbued me with is what sparked my career in consumer protection, fair lending and fair housing. I am passionate about helping the underserved and those that do not have a voice in financial markets. This is why I wanted to come work at the CFPB."

George

"As a teen with a single mom and living below the poverty line, my mom totaled her car with no insurance to replace it and no other way to get to work. After seeing bias in the salesman’s condescending behavior and hearing his 'don’t worry your pretty little head about that' comments, I acted beyond my teen years to negotiate the car sale and loan to protect our limited resources."

Julia