Dec. 1 is the new deadline for comments on how best to create a regulatory environment that expands access to credit and ensures against discrimination in all aspects of a credit transaction, according to a notice scheduled to publish Thursday in the Federal Register.
The Consumer Financial Protection Bureau (CFPB) issued its request for comment (RFI) in late July. A Federal Register notice Aug. 3 provided a comment deadline of Oct. 2; that has been extended to Dec. 1.
At the time of issuance, the bureau said the information provided in response to the RFI 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. It also acknowledged the RFI was in lieu of a symposium the bureau had planned to host on Equal Credit Opportunity Act (ECOA) issues later this year.
The ECOA and Regulation B, the bureau stated, 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 or 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.