CFPB Extends Comment Period for Equal Credit Opportunity Act Questions

The Consumer Financial Protection Bureau this week agreed to extend the period for comments on how it can better enforce the Equal Credit Opportunity Act.

The original deadline was Oct. 2; the new deadline is Dec. 1.

The agency has been seeking comments on how to identify “opportunities to prevent credit discrimination, encourage responsible innovation, promote fair, equitable, and nondiscriminatory access to credit, address potential regulatory uncertainty, and develop viable solutions to regulatory compliance challenges.”

In extending the deadline, the CFPB said it was agreeing to a request by several organizations to give them more time to allow their members to address the issues raised by the CFPB.

Several groups, including the American Bankers Association, the Independent Community Bankers of America, the Center for Responsible Lending and Americans for Financial Reform sent a joint letter requesting the extension.

“These are issues that are central to long overdue discussions about racial inequities in America,” they said, adding that the coronavirus crisis has hurt their ability to discuss the issues with their members.

Credit union trade groups did not sign that letter.

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