The House Financial Services Committee submitted a report on June 7, 2022, recommending passage of the Fair Lending for All Act (H.R. 166) (the “Act”), to establish an Office of Fair Lending Testing under the CFPB to test for creditor compliance with the ECOA.
The Act would expand the scope of Subsection (a) of 701 of the ECOA to also prohibit discrimination based on sexual orientation, gender identity, and the applicant’s zip code or census tract. The Act would also expand certain data itemization requirements under Section 304(b)(4) of the HMDA.
CS continues to monitor this development for any impact to our solution and will inform our clients and partners of any required changes.