On June 26, 2024, the CFPB released its Fair Lending Annual Report to Congress, describing the Bureau’s fair lending activities in enforcement, guidance and rulemaking, interagency coordination, and outreach and activities for calendar year 2023. Specifically. 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 CFPB’s action against unlawful discrimination and advanced access to fair credit. Highlights of the CFPB’s report include the following:
The CFPB took action against several financial institutions for illegal discrimination and inaccurate reporting of HMDA data;
The CFPB, along with its interagency partners, continued the fight against appraisal bias through its leadership of the Federal Financial Institutions Examination Council's Appraisal Subcommittee;
The Bureau finalized the Small Business Lending rule to promote economic development, combat unlawful discrimination, and increase transparency in small business lending.
The Bureau issued several guidance documents to aid in the implementation of the ECOA
The Bureau also issued numerous fair lending-related reports and data; and
Through 2024 and beyond, the CFPB will continue its work to ensure a fair, equitable, and nondiscriminatory credit market.
Read the CFPB’s press release here.
The annual report can be found here.
