By: Melanie Brody, Anjali Garg*
*Ms. Garg is a Law Clerk and is not admitted to practice law.
CFPB (the “Bureau”) released a report to Congress on its fair lending activities on April 30, 2014. The report highlights the activities of the Office of Fair Lending and Equal Opportunity from July 21, 2012 through December 31, 2013. It provides an overview of the Bureau’s supervision activities and highlights the data collection activities of the Bureau in the areas of mortgage lending, auto finance, and other credit markets. The report explains how the Bureau uses its complaint database, along with regular supervision programs, in order to prioritize its fair lending activities. It also highlights recent CFPB bulletins on indirect auto lending and HMDA reporting.
In the area of enforcement, the CFPB referred three mortgage-related matters and three unsecured credit matters to DOJ during the reporting period. The report highlights frequently cited violations from ECOA examinations conducted by FFIEC and other ECOA agencies. This report comes at the heels of an unprecedented joint settlement with the Department of Justice settling alleged violations of ECOA by indirect auto financer Ally Financial, Inc., and Ally Bank (see our coverage of the Ally settlement here).