Steve H. Powell & Company

  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog
  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog

​

Fair Lending Updates

5/26/2021

0 Comments

 
The CFPB and other prudential regulators have recently announced several updates on topics related to fair lending.  Below is a brief summary of each and link for further review.
HUD has issued a memorandum announcing that it will administer and enforce the Fair Housing Act to prohibit discrimination on the basis of sexual orientation and gender identity. On January 20, 2021 President Biden issued an Executive Order addressing the Supreme Court’s decision in Bostock v Clayton County, which held that the prohibitions against sex discrimination in the workplace contained in Title VII of the Civil Rights Act of 1964 extend to and include discrimination on the basis of sexual orientation and gender identity.

HUD to Enforce Fair Housing Act to Prohibit Discrimination on the Basis of Sexual Orientation and Gender Identity | HUD.gov / U.S. Department of Housing and Urban Development (HUD)
 
The CFPB issued an interpretive rule on March 9, 2021 which clarifies that the prohibition against sex discrimination under the Equal Credit Opportunity Act and Regulation B also prohibits discrimination on the basis of gender identity & sexual orientation. This prohibition also covers discrimination based on actual or perceived nonconformity with traditional sex- or gender-based stereotypes, and discrimination based on an applicant’s social or other associations.

Equal Credit Opportunity (Regulation B); Discrimination on the Bases of Sexual Orientation and Gender Identity (consumerfinance.gov)
 
The CFPB has also published a statement regarding the provision of financial products and services to consumers with limited English proficiency. The statement provides principles and guidelines to inform and assist financial institutions seeking to better serve consumers in non-English languages.

https://www.consumerfinance.gov/about-us/blog/bureau-takes-additional-steps-to-foster-an-inclusive-financial-system/
 
The FDIC has released nine technical assistance videos covering fair lending.  The videos are available on the FDIC Banker Resource Center.  The videos provide a high-level overview to help FDIC-supervised institutions assess and mitigate fair lending risk.  The videos also provide insight to help understand how FDIC examiners evaluate fair lending compliance.

FDIC: Technical Assistance Video Program
​
0 Comments



Leave a Reply.

    Archives

    March 2025
    February 2025
    January 2025
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    May 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    September 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    July 2021
    May 2021
    February 2021
    January 2021
    October 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    March 2019
    January 2019
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    February 2018
    January 2018
    October 2017
    August 2017
    July 2017
    June 2017
    March 2017
    February 2017
    October 2016
    September 2016
    August 2016
    June 2016

    RSS Feed

Proudly powered by Weebly