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
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
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