CFPB: Help Build a More Inclusive Financial System

August 20, 2020

As our nation continues to grapple with issues of racial injustice and economic inequality, the Consumer Financial Protection Bureau is taking action. We recognize the need for real and sustainable changes in our financial system so that all consumers have equal opportunities to build wealth in order to close the racial economic divide.

To do that we need to hear from you and your colleagues. We want to identify opportunities to prevent credit discrimination and encourage nondiscriminatory access to credit under the Equal Credit Opportunity Act (ECOA) and Regulation B, which protect applicants from discrimination in any aspect of a credit transaction.

You can provide comments on the actions the Bureau should take under ECOA/Regulation B on a variety of important topics, including sexual orientation and gender identity discrimination, public assistance income, artificial intelligence, and more. Click here to email us your comments or click here to send feedback via the Federal RegisterPlease note – emails and comments received will be posted publicly. 

You can submit comments until December 1, 2020. 

Our official Request for Information lists the specific questions we’re interested in. We welcome you to respond to any or all of them.

Some specific questions we are looking for feedback on include:

  • Should the Bureau provide additional clarity under ECOA and/or Regulation B to further encourage creditors to provide assistance, products, and services in languages other than English to consumers with limited English proficiency? If so, in what way(s)?
  • Should the Bureau provide clarity under ECOA and/or Regulation B to further encourage creditors to use such affirmative advertising to reach traditionally disadvantaged consumers and communities? If so, in what way(s)?

These are just two of the questions listed in the full Request for Information. You can learn more about our Request for Information and read the message Bureau Director Kraninger put out recently on the RFI and other work we are doing to take action on the issues of equality.