The CFPB has extended by 60 days the comment period for its Request for Information (RFI) on how best to create a regulatory environment that expands access to credit and ensures that all consumers and communities are protected from discrimination in all aspects of a credit transaction. Originally set to expire on October 2, the comment period will now close on December 1, 2020.
The Bureau issued the RFI last month in lieu of a holding a symposium on ECOA issues planned for this fall. The information sought in the RFI is designed to help the Bureau explore ways to promote access to credit, identify opportunities to prevent credit discrimination, encourage responsible innovation, and address regulatory uncertainty. In particular, the Bureau seeks to explore “cutting-edge issues” at the intersection of fair lending and innovation and develop “viable solutions” to regulatory compliance challenges financial institutions face in complying with ECOA and Regulation B. Specifically, the RFI lists a set of questions as to which the CFPB seeks public comment on whether it should provide additional clarity or guidance.