The Consumer Financial Protection Bureau has extended its comment period seeking input on how to build a “more inclusive financial system” for an additional 60 days.
The comment period was originally set to expire on October 2. It will now be extended until December 1. The CFPB did not specify a reason why the comment period was being extended.
To date, there have been 24 comments filed on the proposal, which the CFPB announced late last month. According to one report, the Request for Information “signals a renewed regulatory focus on fair lending in the wake of the broader societal focus on racial equality in the U.S.”
In publishing the RFI, the CFPB is seeking to “explore ways to address regulatory compliance challenges while fulfilling the Bureau’s core mission to prevent unlawful discrimination and foster innovation,” it said in a press release announcing the extension. The RFI was a replacement to a planned symposium that the CFPB was planning to hold this Fall on the Equal Credit Opportunity Act and Regulation B. The ECOA makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age.
The original RFI sought information on 10 different areas, including: disparate impact, limited English proficiency, special purpose credit programs, affirmative advertising to disadvantaged groups, small business lending, sexual orientation and gender identity discrimination, scope of federal preemption of state law, public assistance income, artificial intelligence and machine learning, and ECOA adverse action notices.
Comments can be filed online by clicking here
