On May 6, 2022, the CFPB released its 2021 Fair Lending Annual Report to Congress that details the important fair lending work undertaken in 2021, which focused on racial and economic equity issues and the COVID-19 recovery.
In its press release, the CFPB said that throughout 2021, the agency worked to ensure that individuals, small businesses, and communities had fair, equitable, and nondiscriminatory access to credit through supervision and enforcement actions, research and market monitoring activities, rulemaking and guidance, amicus activity, and consumer education. In addition, the CFPB said that it is looking forward to the technological advancements of the financial service markets. Nevertheless, the Bureau will focus on digital redlining and algorithmic biases, as well as identifying emerging risks to ensure appropriate responses are developed. The agency will also continue to cooperate with other regulators and law enforcement agencies to ensure fair lending and equal opportunity.
Read the CFPB’s full press release here.
The Fair Lending Report can be found here.
