On October 12, 2023, the CFPB and the DOJ issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless of their immigration status. The joint statement was issued in light of consumers’ reports on being rejected for credit cards as well as for auto, student, personal, and equipment loans because of their immigration status, even when they have strong credit histories and ties to the United States and are otherwise qualified to receive the loans.

On September 19, 2023, the CFPB issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models. The guidance describes how lenders must use specific and accurate reasons when taking adverse actions against consumers.

On June 29, 2023, the CFPB released its Fair Lending Annual Report to Congress, describing its fair lending activities in enforcement and supervision; guidance and rulemaking; interagency coordination; and outreach and education for calendar year 2022. The Fair Lending Annual Report to Congress fulfills the Bureau’s statutory responsibility to report annually to Congress on public enforcement actions taken under the ECOA as well as the utility of the HMDA’s mortgage loan data collection requirements.

On April 19, 2023, the FHFA announced that it is seeking comment on a proposed rule that would formalize many of the Agency’s existing practices and programs regarding fair housing and fair lending oversight of its regulated entities. The rule would also expand requirements for the Enterprises in fair lending compliance and provide greater oversight and transparency regarding the Equitable Housing Finance Plans.

On November 14, 2022, Senior Deputy Comptroller for Bank Supervision Policy Grovetta N. Gardineer spoke at the 2022 CRA & Fair Lending Colloquium on behalf of the Acting Comptroller. Gardineer talked about several OCC priorities, including the OCC’s ongoing efforts to ensure that OCC regulated financial institutions provide fair and equitable financial services.

On September 29, 2022, the DOJ announced that it has secured an agreement to resolve allegations that Evolve Bank & Trust engaged in lending discrimination on the basis of race, sex and national origin in the pricing of its residential mortgage loans from at least 2014 through 2019. Under the department’s settlement, which is subject to the approval of the District Court, Evolve Bank will establish a settlement fund of $1.3 million to compensate affected borrowers and will also pay a $50,000 civil penalty.

On July 27, 2022, the CFPB and DOJ took action to end Trident Mortgage Company’s intentional discrimination against families living in majority-minority neighborhoods in the greater Philadelphia area. The CFPB and DOJ allege Trident redlined majority-minority neighborhoods through its marketing, sales, and hiring actions. If entered by the court, the settlement would require Trident to pay a $4 million civil penalty to the CFPB for victims’ relief fund.