The National Fair Housing Alliance Condemns the Trump Administration’s Decision to Strip Fair Lending Enforcement Powers from the CFPB’s Office of Fair Lending
February 1, 2018
FOR IMMEDIATE RELEASE
Contact: Jessica Aiwuyor, 202-898-1661, JAiwuyor@nationalfairhousing.org
The National Fair Housing Alliance Condemns the Trump Administration’s Decision to Strip Fair Lending Enforcement Powers from the CFPB’s Office of Fair Lending
WASHINGTON, D.C. – Shanna L. Smith, President and CEO of the National Fair Housing Alliance, issued the following statement concerning the Trump Administration’s decision to remove enforcement powers from the CFPB’s Office of Fair Lending.
“Today’s Washington Post’s report of the Trump Administration’s decision to strip away the CFPB’s Office of Fair Lending’s enforcement powers clearly prioritizes the wishes of Wall Street and loan sharks over the rights of Americans to access quality credit and financial products free from discrimination. The CFPB, by design, is the only independent regulator explicitly charged with protecting the financial well-being of the American people and it seems that every action taken by this Administration and opponents of the Bureau have been to undermine the critical public service that the Bureau provides. The Office of Fair Lending and its mission were intended to address and eliminate widespread discrimination in the financial marketplace that destabilized entire communities of color in the lead up to the 2008 financial crisis.”
“Mulvaney’s decision falls squarely in line with the approach that the Trump Administration has taken regarding civil rights – undermine critical civil rights safeguards and those in government responsible for enforcing them under the guise of ‘efficiency’ and ‘accountability.’ But by taking away the Office of Fair Lending’s enforcement authority, the Trump Administration has sent a signal to the financial services industry that they can operate without fear of repercussions for discriminatory policies, practices, and products. Consumers have not forgotten the devastation caused by unchecked lending discrimination and predatory lending abuses in the lead up to the foreclosure crisis. They also have not forgotten that the CFPB was created to focus protection on consumers – not lenders who would engage in discriminatory practices.”
“While Mick Mulvaney and the Trump Administration seem content with ignoring the CFPB’s fair lending responsibilities under existing statutes, civil rights advocates stand ready to challenge this decision and hold the Bureau’s feet to the fire. The National Fair Housing Alliance strongly urges Mick Mulvaney and the Trump Administration to reverse its decision and reinstate the rightful enforcement powers of the CFPB’s Office of Fair Lending.”
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National Fair Housing Alliance Founded in 1988, the National Fair Housing Alliance is a consortium of more than 220 private, non-profit fair housing organizations, state and local civil rights agencies, and individuals from throughout the United States. Headquartered in Washington, D.C., the National Fair Housing Alliance, through comprehensive education, advocacy, enforcement programs, and neighborhood-based community development programs provides equal access to apartments, houses, mortgage loans, and insurance policies for all residents in the nation.