Former Secretary of State Hillary Clinton pushed back against the Trump administration’s proposed rule change at the Consumer Financial Protection Bureau, which it warned could roll back important federal protections that prevent discrimination in lending.
Reminiscent of style lending discrimination before the 1970s
On Monday, in a post on
“Now the Trump Administration wants to end protections against such discrimination,” she said, amid a new proposed rule from the CFPB, the Equal Credit Opportunity Act (Regulation B), which essentially aims to overhaul how the Equal Credit Opportunity Act is enforced.
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In particular, it seeks to eliminate “disparate impact” liability, a legal standard that allows challenges to credit policies that disproportionately harm women or minorities, even without the express intent to discriminate.
Clinton concluded her post by encouraging people to say “No Way” on the National Fair Housing Alliance’s public comment page, aimed at mobilizing public input on the proposed changes.
Trump’s repeated attacks on the CFPB
Since returning to office this year, President Donald Trump has repeatedly attacked the CFPB, including by firing a significant portion of its staff, in an effort to shift the agency’s focus toward financial fraud and away from consumer protection.
Leading advocacy groups have warned that Trump’s efforts to undermine the agency have already cost consumers $18 billion in higher bank fees and canceled refunds.
The groups, Center for Student Borrower Protection and the Consumer Federation of Americaalso noted that the CFPB has dismissed or resolved 22 enforcement cases initiated under the previous administration, including actions against JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) And Capital One Financial Corp. (NYSE:COF)among others.
Photo courtesy: Evan El-Amin on Shutterstock.com
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