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US consumer watchdog to narrow civil rights era lending law, sources say
The CFPB will reduce enforcement of disparate impact liability and restrict Special Purpose Credit Programs designed to aid racial equity in lending, reversing previous regulatory trends.
- U.S. Consumer Financial Protection Bureau plans to propose narrowing a key part of civil-rights era fair-lending regulations, de-emphasizing disparate impact as an Equal Credit Opportunity Act requirement.
- Following an executive order by President Donald Trump, the White House argues that curtailing rules on unintentional discrimination reduces burdens, though consumer advocates reject this view.
- Planned changes would limit Special Purpose Credit Programs that many banks and other lenders launched in recent years under former Democratic President Joe Biden’s regulators and alter rules barring discouraging applicants in marketing.
- A court decision already blocked part of the CFPB's action by preventing undoing a settlement with a Chicago-area mortgage lender, while Congressional Democrats condemned the rollback and the White House and CFPB did not immediately respond.
- Policy changes of this kind could limit programs aimed at closing racial equity gaps, as consumer advocates warn curbing disparate impact liability removes a key tool policing discrimination in housing, education and lending sectors.
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US consumer watchdog to narrow civil rights era lending law, sources say
The U.S. Consumer Financial Protection Bureau plans to propose in the coming days narrowing a key part of civil-rights era fair-lending regulations as Republican President Donald Trump's administration overhauls protections and rules it says burden companies, according to two people with knowledge of the matter.
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Consumer watchdog to narrow civil rights era lending law
WASHINGTON— U.S. Consumer Financial Protection Bureau plans to propose narrowing a key part of civil-rights era fair-lending regulations as President Donald Trump's administration overhauls protection and rules it says burden companies, according to two people with knowledge of the matter.
Coverage Details
Total News Sources11
Leaning Left2Leaning Right1Center5Last UpdatedBias Distribution63% Center
Bias Distribution
- 63% of the sources are Center
63% Center
L 25%
C 63%
12%
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