As a country, America has historically short-changed its people of color in virtually every dimension of life: education, employment, housing, public accommodations and voting to name a few. To remedy discriminatory practices and policies, a series of federal and state laws were enacted over several decades to guarantee fairness and justice.
Now as a nation prepares to elect a President, a new Congress, and scores of state and local officials, recent enforcement actions suggest that instead of many businesses and corporations to complying with fair lending laws for consumers, huge settlements continue for widespread violations.
Further, lack of credit access for minority businesses largely remains an unresolved issue despite the Community Reinvestment Act’s provisions to close this financial void.
In a newly-released report on fair lending and equal opportunity, the Consumer Financial Protection Bureau (CFPB) chronicled major settlements totaling hundreds of millions in restitution to consumers harmed by discrimination and additional monetary payments.
The report also noted that CFPB will add efforts to assist small businesses as it continues to serve consumers.