On March 16, 2022, Jonathan Pompan was quoted in Bloomberg Law on the Consumer Finance Protection Bureau’s (CFPB) plans to expand its enforcement against discrimination into consumer finance areas where fair lending laws don’t officially apply.
According to the article, the CFPB said it will use its broad Dodd-Frank Act powers to review whether banks and other firms engage in discrimination against protected minority groups, aiming to root out “unfair” acts and practices. The move allows the bureau to look more closely at bank account openings, international remittances and money transfers, credit reporting, and other financial services that aren’t covered under federal fair lending laws like the Equal Credit Opportunity Act.
The CFPB’s move isn’t a surprise, but it “does up the ante in exam and enforcement investigations,” said Pompan.
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