WebMay 10, 2024 · In 2013, the Consumer Financial Protection Bureau issued guidance clarifying that compliance with the Equal Credit Opportunity Act (ECOA) prohibits … WebThe auto loan market is incredibly important, and yet it’s opaque to regulators and researchers. Auto loans are the most widely used form of installment credit by U.S. …

What Is Lending Discrimination? U.S. News

Lending discrimination happens when lenders base credit decisions on factors other than the borrower’s creditworthiness, including any of the protected classes defined under federal law. Today, three federal laws offer protection against lending discrimination: 1. The Fair Housing Act (FHA)1 2. The Equal … See more In 1948, the U.S. Supreme Court deemed racially restrictive deed covenants unenforceable. Twenty years later, the Fair Housing Act (FHA) was enacted. The law protects people from discrimination when they rent or … See more Discriminatory lending and housing practices continued despite the Fair Housing Act, and civil rights groups advocated for more legislation. In 1974, Congress passed the … See more Before laws expressly prohibited discrimination in lending, a practice known as redlining prevented certain populations from accessing credit. Redlining is the discriminatory practice of denying financial services to residents … See more Even with the FHA and ECOA, redlining continued in low- to moderate-income (LMI) neighborhoods. In its discussion of this period, the website Federal Reserve History notes, “There is some evidence that overt … See more WebFeb 10, 2016 · Research conducted by the Urban Institute in 2014 found a drop of as many as 1.2 million loans could be attributed to tightening credit, with African-American and … capf1824b6ba

How We Examined Racial Discrimination in Auto Insurance Prices

WebJul 2, 2024 · The Justice Department today announced a settlement of its race discrimination lawsuit against Guaranteed Auto Sales, a used car dealership in Glen Burnie, Maryland. The agreement also settles the United States’ claims against the dealership’s owner and manager, Kelly Ann West and Robert Chesgreen. WebMay 19, 2024 · Consumer Reports analyzed auto loans and found many people are overpaying The investigation showed discrimination against Black and Hispanic buyers … WebAug 25, 2024 · If you suspect that you have been a victim of lending discrimination, start by reaching out to your state attorney general's office and filing a complaint. You may … british rail family and friends railcard