(CFPB-PR-241113-1) (11-13-24) CFPB Pilot Study Finds Differential Treatment in Small Business Lending Markets – Lenders less likely to encourage Black entrepreneurs and more often steer them toward alternative financing Excerpt: WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a study revealing significant disparities in how lenders treat Black and white small business owners seeking […]
Category: Discriminatory Lending Practices
Discriminatory Lending Practices refer to unfair and illegal treatment of borrowers based on characteristics like race, ethnicity, or gender, which can result in higher interest rates, unfavorable loan terms, and loan denials. Key types include redlining, steering, and rate discrimination, all contributing to economic disparities and limited access to credit for affected individuals. Federal laws like the Equal Credit Opportunity Act and the Fair Housing Act prohibit these practices and promote equal access to credit. Enforcement agencies such as the Consumer Financial Protection Bureau and the Department of Justice work to combat discriminatory lending, striving for a more equitable financial system.
( Discriminatory Lending Practices – Article ) ( Articles ) ( Discriminatory Lending Practices ) Discriminatory Lending Practices (DLP) Overview DLP refer to unfair and illegal practices that result in unequal treatment of borrowers based on characteristics such as race, ethnicity, gender, age, or other protected attributes. These practices can lead to higher interest rates, […]
( CFPB-PR241101-1 ) (11-01-24) CFPB Takes Action to Address Townstone Financial’s Unlawful Redlining – Settlement follows a significant victory for the CFPB and its fair lending authority in the U.S. Court of Appeals for the Seventh Circuit Excerpt: WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its case against Townstone […]