EPIC Urges CFPB to Retain Protections Against Discriminatory Lending 

EPIC filed comments opposing the Consumer Financial Protection Bureau’s (CFPB) proposed rules on the Equal Credit Opportunity Act (ECOA), or Regulation B. As the comment notes, “The Bureau’s proposed rules would obliterate ECOA’s protections against discrimination in consumer lending. Not only are the proposed rules inconsistent with legal precedent and legislative history, but they would also be extremely harmful to consumers, further entrenching economic inequity.” 

In addition to submitting a comment, EPIC also signed two coalition letters opposing the CFPB’s proposed rules on Regulation B. The first letter, written by the National Fair Housing Alliance, warns how the CFPB’s proposed rules could exacerbate the housing crisis and deepen housing discrimination. The second letter, written by Government Information Watch, raises concerns that the CFPB may be using artificial intelligence (AI) to analyze and draft proposed rules and review public comments. The letter calls on the CFPB to disclose its use of AI in public rulemakings and highlights that using AI in public rulemaking processes without disclosure may violate the Administrative Procedures Act.  

EPIC routinely advocates for privacy and consumer protections in the financial sector. EPIC recently submitted comments urging the Consumer Financial Protection Bureau to maintain the Personal Financial Data Rights Rules. EPIC, the National Consumer Law Center, and a coalition of other civil society organizations submitted a letter and comments urging the House Financial Services Committee to strengthen financial privacy in the United States. EPIC also filed comments supporting the CFPB’s proposals related to medical debt and comments on the CFPB’s now withdrawn proposed revisions to Fair Credit Reporting Act rules, which among other changes, would have clarified that data brokers must comply with FCRA.