This story appeared in Bank Digest.
The Consumer Financial Protection Bureau has issued a report describing efforts of the bureau's Office of Fair Lending and Equal Opportunity to fulfill its Dodd-Frank Act mandate to provide oversight and enforcement of federal fair lending laws. The report generally covers the bureau's fair lending work during calendar year 2016.
According to the report, the bureau's fair lending supervisory and public enforcement actions resulted in approximately $46 million in remediation to harmed consumers during 2016. Mortgage lending continues to be a key priority for the Office of Fair Lending for both supervision and enforcement. The office focused in particular on redlining risk, evaluating whether lenders have intentionally discouraged prospective applicants in minority neighborhoods from applying for credit.
The report said that in the coming year, the CFPB would increase its focus on redlining, mortgage and student loan servicing, and small business lending.