The Consumer Financial Protection Bureau and the Department of Justice have signed a memorandum of understanding to collaborate on enforcing fair lending laws. Because both agencies have authority to protect against discriminatory lending, this agreement will help to avoid duplicating efforts.
The CFPB is authorized under the Dodd-Frank Act to perform joint investigations with the Justice Department when it relates to fair lending.
"Both parties agreed to meet regularly on investigations and established strict confidentiality in sharing information," writes American Banker's Rachel Witkowski.
CFPB Director Richard Cordray said the agreement "is a critical step to better protecting consumers from illegal and discriminatory lending practices."
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