Fair Lending Under Attack: Mulvaney Will Reexamine Enforcement of Equal Credit Opportunity Act

Trump Enforcer Again Pursuing Policy that Undermines Fair Lending and Encourages Further Discrimination Against People of Color in Any Transaction Involving Credit


WASHINGTON, D.C. – Consumer Financial Protection Bureau (CFPB) “Acting Director” Mick Mulvaney, today announced that the bureau will begin reexamining the requirements of the Equal Credit Opportunity Act (ECOA). Since 1974, the ECOA has protected consumers from discrimination based on race, sex, age and other variables that have historically been used to prevent certain buyers from entering the mortgage marketplace.

“Mick Mulvaney and President Trump are yet again showing their complete disregard for the historical and systemic threat certain demographics, particularly women and people of color, have faced when applying for a mortgage. Their ongoing assault on long ago enacted measures designed to prevent such discrimination will assure certain groups have less access to the American Dream of home ownership. That won’t ‘Make America Great Again’ – it will appease white nationalist elements of their political base,” said Karl Frisch, executive director of Allied Progress.

He continued, “The Equal Credit Opportunity Act was passed at a time when discrimination against women and people of color applying for a mortgage was commonplace. Data shows that once the ECOA was signed into law, home ownership numbers rose among these groups because access to credit increased for borrowers who were historically left out of the marketplace.”

# # #

Close

SITE ARCHIVED

Allied Progress is now Accountable.US. This website will no longer be updated and has been permanently archived. For the latest accountability and transparency updates, please visit us at Accountable.US.