In response to a lawsuit filed earlier this week against the Consumer Financial Protection Bureau (CFPB) by banking industry trade groups, California Reinvestment Coalition (CRC) Chief of Legal and Strategy Kevin Stein offered the following comment:
“Discrimination remains one of the most pervasive harms in the banking and financial services industries today. We applaud the Biden administration and the CFPB, under the direction of Rohit Chopra, for its commitment to ending discrimination in banking and financial services. The lawsuit filed against the CFPB by the U.S. Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association serves as a reminder that Wall Street and Big Banks will go to great lengths to stave off efforts to hold financial institutions accountable for discriminating.
“CRC stands in support of the CFPB, its commitment to advancing gender and racial equity in banking and financial services, and its central mission to enforce federal consumer financial laws and protect consumers against unfair practices, like discrimination.”