Blog Archive

Info for consumers

Published APR 27, 2020

The importance of fair and equitable access to credit for minority and women-owned businesses

The Bureau has a responsibility for addressing lending discrimination, including lending to women- and minority-owned businesses, which apply for credit during the COVID-19 pandemic under the CARES Act.

By Patrice Alexander Ficklin, Grady Hedgespeth, and Lora McCray

Policy and compliance

Published AUG 06, 2019

An update on credit access and the Bureau’s first No-Action Letter

An update on results provided under the Bureau’s No-Action Letter on alternative data and machine learning.

By Patrice Alexander Ficklin and Paul Watkins

At the CFPB Data, research, and reports

Published JUL 19, 2019

A report on the Bureau’s Building a Bridge to Credit Visibility Symposium

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.

By Patrice Alexander Ficklin and J Frank Vespa-Papaleo

At the CFPB Data, research, and reports

Published JUN 28, 2019

Encouraging innovation in expanding credit access: 2018 Fair Lending Report to Congress

This report describes our fair lending activities in supervision, enforcement, guidance and rulemaking, interagency coordination, and outreach for calendar year 2018.

By Patrice Alexander Ficklin

Data, research, and reports

Published DEC 04, 2018

Promoting fair, equitable, and nondiscriminatory access to credit: 2017 Fair Lending Report

The Bureau’s annual Fair Lending Report to Congress highlights 2017 work to promote fair, equitable, and nondiscriminatory access to credit.

By Patrice Alexander Ficklin

At the CFPB

Published AUG 02, 2018

Save the date for the 'Building a Bridge to Credit Visibility' symposium

Mark your calendar to join the Bureau for a day-long symposium exploring challenges many consumers face in accessing credit.

By Patrice Alexander Ficklin

Info for consumers

Published JUN 25, 2018

What you need to know to get money from the settlement with BancorpSouth Bank for alleged discrimination

Here’s what you need to know to get money from the settlement with BancorpSouth Bank for alleged mortgage lending discrimination against African-American consumers.

By Patrice Alexander Ficklin

Info for consumers

Published NOV 02, 2017

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.

By Patrice Alexander Ficklin

Published SEP 14, 2017

Supporting consumer-friendly innovation: Announcing our first no-action letter

Our first-ever no-action letter is being issued to Upstart.

By Patrice Alexander Ficklin and Dan Quan

Info for consumers

Published APR 14, 2017

Safeguarding against credit discrimination: 2016 Fair Lending Report

This week, we're releasing our fifth Fair Lending Report. Read about the actions we took last year to protect people from credit discrimination and what we...

By Patrice Alexander Ficklin

At the CFPB

Published DEC 16, 2016

Fair lending priorities in the new year

A look at the CFPB’s fair lending focus in the new year.

By Patrice Alexander Ficklin

Info for consumers

Published NOV 02, 2016

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...

By Rebecca Gelfond and J Frank Vespa-Papaleo

Info for consumers

Published OCT 31, 2016

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...

By Brian Kreiswirth and Anna-Marie Tabor

Info for consumers Policy and compliance

Published OCT 03, 2016

What you need to know to get money from the settlement with Honda Finance for overcharging minorities

Minority borrowers who were overcharged for their auto loans by American Honda Finance Corporation will be contacted to get money from the settlement.

By Patrice Alexander Ficklin

Info for consumers Policy and compliance

Published SEP 28, 2016

Provident Settlement Administrator to contact eligible borrowers soon

Minority borrowers who were overcharged for their broker fees by Provident Funding Associates, L.P. will be contacted to get money from the settlement.

By Patrice Alexander Ficklin

Info for consumers

Published JUN 29, 2016

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...

By Daniel Dodd-Ramirez and Patrice Alexander Ficklin

Info for consumers

Published APR 29, 2016

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...

By Patrice Alexander Ficklin

Info for consumers

Published JAN 29, 2016

Harmed Ally borrowers have been sent $80 million in damages

Today, harmed borrowers participating in the settlement were mailed checks by the Ally settlement administrator, totaling $80 million, plus interest. Here's...

By Patrice Alexander Ficklin

Info for consumers Policy and compliance

Published JUN 15, 2015

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...

By Patrice Alexander Ficklin

Data, research, and reports

Published APR 28, 2015

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...

By Patrice Alexander Ficklin

Policy and compliance

Published JUL 08, 2014

Ensuring equal treatment for same-sex married couples

On June 26, 2013, in United States v. Windsor, the U.S. Supreme Court struck down Section 3 of the Defense of Marriage Act as unconstitutional. This...

By Meredith Fuchs

Policy and compliance

Published APR 30, 2014

Our work on fair lending

We’ve created, refined, and implemented a process to focus our supervisory work on areas that present higher risk to consumers when it comes to fair lending.

By Patrice Alexander Ficklin

Info for consumers Policy and compliance

Published DEC 20, 2013

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...

By Patrice Alexander Ficklin

Policy and compliance

Published NOV 04, 2013

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...

By Patrice Alexander Ficklin

Info for consumers

Published MAR 21, 2013

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...

By Patrice Alexander Ficklin and Gail Hillebrand