At that point, whether the borrower ever pays back the loan doesn. generating more revenue. CFPB’s 2013 study on payday lending found that over two-thirds of borrowers took out seven loans a year.
The CFPB may seek to rely on a recent seventh circuit employment discrimination case to support its view that the Equal Credit Opportunity Act’s (ECOA’s) prohibition against discrimination on.
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In that case, the discrimination is unintentional – caused by a flawed policy or test. But the CFPB case doesn’t seem to involve a flawed test. More likely with performance evaluations, it is the bias of supervisors conducting the tests that causes the disparate results.
“Not one single action.” That compares with 50 cases filed against student loan companies, which led to the recovery of $712 million for consumers under former CFPB. back: “The question is not.
· The CFPB’s dismantling of the case against NDG is the latest example of the bureau backing off of payday loan companies accused of defrauding consumers -.
The data demonstrate that under CFPB Director Cordray, fair lending enforcement was a priority with a sharp increase in cases brought, and an even larger increase in fines and settlements.
· Communities of Color Cannot Afford a Weakened CFPB. Center for American Progress analysis of. “CFPB Takes Action Against Fifth Third Bank for Auto-Lending Discrimination and Illegal Credit.
Changes to CFPB Fair Lending Office Undermine Anti-Discrimination Work.. president and CEO of The Leadership Conference on Civil and Human Rights. "These changes to the Office of Fair Lending and Equal Opportunity send a troubling message about the enforcement of civil rights laws and will.
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The Consumer Financial Protection Bureau filed zero fair-lending enforcement actions in the 2018 fiscal year and did not refer any violations of the Equal Credit Opportunity Act to the Department of Justice. In a report to congress released tuesday, the agency did not identify any public enforcement actions for fair-lending violations during the fiscal year [.]
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To that end, the Bureau intends to open new rulemakings to reconsider its payday, prepaid card and HMDA-related rules. The new CFPB leadership may also seek to revisit the Bureau’s previous significant rules as part of its five-year "look-back" assessments mandated by the Dodd-Frank Act.