Administrative/Regulatory,
Civil Rights
Jul. 6, 2023
The CFPB’s ability to prohibit discrimination against prospective credit applicants may weaken, but it could have a back-up plan
Industry observers should consider themselves on notice that the CFPB may pursue unfairness actions against consumer financial services companies grounded in discriminatory conduct.
In July 2020, the Consumer Financial Protection Bureau filed a lawsuit against Townstone Financial, Inc., alleging that the retail-mortgage creditor and broker discriminated against prospective credit applicants in violation of the Equal Credit Opportunity Act and its implementing regulation, Regulation B. The CFPB's complaint hinged, in part, on an anti-discourag...
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