Anti-Bias Considerations For Finance Cos. After CFPB Notice

By Keith Bradley, Katie Wechsler and Dimitar Georgiev-Remmel (March 24, 2022, 5:48 PM EDT) -- On March 16, the Consumer Financial Protection Bureau published revised examination guidelines on unfair, deceptive, or abusive acts and practices, or UDAAPs.

The changes explain a new position from the CFPB: that discrimination in the provision of consumer financial products and services can be a UDAAP. We anticipate that potentially discriminatory practices in all aspects of these markets draw increased scrutiny from the bureau and other regulators.

The bureau's new UDAAP concept marks a significant change, and all providers of financial products and services — outside of lending, where the Equal Credit Opportunity Act has long been in force — may...

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