On March 16, 2022 the Consumer Financial Protection Bureau (CFPB) announced changes to its supervisory operations with the stated aim of better protecting families and communities from illegal discrimination, including situations where fair lending laws may not apply. “when a person is denied access to a bank account because of their religion or race, this is unambiguously unfair,” said CFPB Director Rohit Chopra. “We will be expanding our anti-discrimination efforts to combat discriminatory practices across the board in consumer finance.”
In this webinar, we will discuss how the CFPB has updated its exam manual to identify potentially discriminatory acts or practices. We will then provide best practices for companies integrating the Bureau’s changes into their testing environment and working with examiners on these issues. Finally we will discuss the enforcement angle, including the CFPB’s likely enforcement approach.