On June 29, 2023, the CFPB released its Fair Lending Annual Report to Congress, describing its fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. The Fair Lending Annual Report to Congress fulfills the Bureau’s statutory responsibility to report annually to Congress on public enforcement actions taken under the ECOA as well as the utility of the HMDA’s mortgage loan data collection requirements.
In its press release, the Bureau said that its fair lending work in the past year centered on the consumers and communities most affected by unlawful discrimination. Highlights of the CFPB’s report include the following:
The CFPB worked with its federal and state partners to address redlining as well as confronting deep-seated discrimination in the home appraisal industry;
The CFPB released several reports shining a light on factors that may influence fair access to credit;
The Bureau issued several rules and guidance documents reaffirming the importance and applicability of fair lending protections for prospective applicants, applicants for credit, and existing account holders; and
Through 2023 and beyond, the CFPB will focus on the emerging technologies in financial services, home appraisal bias, and redlining.
Read the CFPB’s press release here.
The annual report can be found here.