A regulatory environment that allows for expanding credit with protection from discrimination in credit transactions is the stated aim of a “request for information” (RFI) from the consumer financial protection agency, announced Tuesday.
In a release, the Consumer Financial Protection Bureau (CFPB) said its RFI seeks public input on creating the regulatory environment. The agency said the information provided will help it to continue exploring ways to address regulatory compliance challenges while fulfilling the agency’s mission of preventing unlawful discrimination and fostering innovation.
The RFI, the agency also acknowledged, is in lieu of a symposium the bureau had planned to host on ECOA issues later this year.
“The Equal Credit Opportunity Act (ECOA) and Regulation B make it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction on the basis of race, color, religion, national origin, sex, marital status, or age; because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act,” the agency noted.