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CFPB Will Look to Fill Gaps in Fair Lending Laws, Chopra Says

March 16, 2022, 9:29 PM

The CFPB plans to expand its enforcement against discrimination into consumer finance areas where fair lending laws don’t officially apply.

The Consumer Financial Protection Bureau said it will use its broad Dodd-Frank Act powers to review whether banks and other firms engage in discrimination against protected minority groups, aiming to root out “unfair” acts and practices.

The move, announced Wednesday, allows the bureau to look more closely at bank account openings, international remittances and money transfers, credit reporting and other financial services that aren’t covered under federal fair lending laws like the Equal Credit Opportunity Act.

“When a person ...