It’s 2014. Fair lending laws have been in existence for over 40 years and discrimination, for the most part, has been eradicated or at least on the decline ever since. So why does it feel like this is suddenly a new and major problem? It’s almost impossible to attend a tradeshow without the topic of fair lending being discussed or read a news headline without seeing a financial institution being fined or agreeing to a large settlement for some real or alleged violation.
While the motivations and rational for the renewed emphasis can be debated, the fact that regulatory agencies, such as the Consumer Financial Protection Bureau (CFPB), and the Department of Justice (DOJ) are turning up the heat is undeniable.
In this eBook we will briefy touch on a new approach to testing for pricing discrimination, one of the key components of fair lending.