Published: December 2020

It’s critical that the CFPB uphold strong lending protections for all consumers

Advocates joined together in submitting comments to the Consumer Financial Protection Bureau regarding the Equal Credit Opportunity Act (ECOA). Under the ECOA it is illegal to discriminate against a borrower “on the basis of race, color, religion, national origin, sex, marital status or age in credit transactions.” This critical measure protects consumers from discrimination and provides access to safe and responsible credit products on fair terms. Advocates urged the Bureau to take no action that would weaken this critical regulatory measure so that all consumers and communities are protected from discrimination in the lending industry.

In comments submitted to the Consumer Financial Protection Bureau (CFPB), advocates urged the Bureau to take no action that would weaken the Equal Credit Opportunity Act (ECOA) in any way and to consider certain steps to improve and strengthen fair lending protections under ECOA to make it stronger and more effective tool for fighting credit discrimination for all Americans. Full and vigorous implementation and enforcement of ECOA as Congress intended is important to fight discrimination and exclusion.

Lead Organization

National Community Reinvestment Coalition

Other Organizations

Affordable Homeownership Foundation, Inc. | Affordable Housing Centers of Pennsylvania | African American Alliance of CDFI CEOs | African Cultural | Alliance of North America Inc (ACANA) | Beneficial State Foundation | Brotherhood and Sisterhood International, Blacks and Whites Uniting Communities | California Reinvestment Coalition | CASA of Oregon | CDC Small Business Finance | Center for NYC Neighborhoods | Chester Community Improvement Project | Chicago Community Loan Fund | City of Toledo | Columbus Compact dba Columbus Empowerment Corp. | Community Action Committee of the Lehigh Valley | Community Enterprise Investments, Inc. | Community Reinvestment Alliance of South Florida | Consumer Action | Continuum of Care Network NWI, Inc.. | County Corp | Delaware Community Reinvestment Action Council, Inc. | Economic Growth Corporation | Empire Justice Center | FACES|Family Assessment Counseling & Education Services Inc. | Fair Finance Watch | Fair Housing Center of Central Indiana | Fair Housing Center of Metropolitan Detroit | Fair Housing Center of Southwest Michigan | GenesisHOPE Community Development | Georgia Advancing Communities Together, Inc. | Home Repair Resource Center | Housing Action Illinois | Housing Coalition Educators | Independent Contractor | Local First Arizona | Local Initiatives Support Corporation (LISC) | MANNA, Inc | Metropolitan Milwaukee Fair Housing Council | Metropolitan St. Louis Equal Housing and Opportunity Council | Montana Fair Housing, Inc. | Multi-Cultural Development Center | NC Housing Coalition | NCRC, DC WBC | Nev Earth OZ Fund | Northwest Side Community Development Corporation | Northwest Side Housing Center | PathStone Enterprise Center | Pima County Community Land Trust | Prestamos CDFI | Reinvestment Partners | REVA Development Corporation | Rising Tide Community Loan Fund | River Cities Development Services | Rural Housing Opportunities Corp. | South Dallas Fair Park Innercity Community Development Corporation | Southern Dallas Progress Community Development Corporation | Southern Mutual Help Association, Inc. and Southern Mutual Financial Services, Inc. | Southwest Community Development Corporation | Southwest Neighborhood Housing Services | St. Johns Housing Partnership | TCH Development, INC | The Greenlining Institute | Universal Housing Solutions CDC – UHS CDC | Urban Land Conservancy | Woodstock Institute | Working In Neighborhoods

More Information

Click here to read the letter in full.

For more information, please visit NCRC.

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