Written By: Tammy Butler, FairLendingDiversity.com.
If you have anything to do with Fair Lending in your company, you have no doubt heard the news about the recent change at the CFPB with regard to Mulvaney’s decision to strip the Fair Lending Office of enforcement duties and move those duties to the Supervision and Enforcement Division. I have received numerous phone calls and emails about this change, so I am sharing those collective thoughts with you.
As someone who has worked in both the consumer advocate world, the mortgage industry for over 30 years and was born and raised in the land of politics, Maryland, I generally feel pretty tuned in to all sides of this equation. So here is my prognostication on the future of Fair Lending enforcement.
The Office of Fair Lending was stripped of its enforcement powers, and this enforcement power moved to another division which is “Supervision and Enforcement,” now called “Supervision and Enforcement & Fair Lending. Mulvaney’s theory is that now all enforcement action is under one division versus separate enforcement action that was previously allowed just for the Fair Lending division.
Written By: Tammy Butler