The U.S. Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) have signed an agreement to strengthen coordination on fair lending enforcement and avoid duplication of their respective federal law enforcement efforts.
Under the Dodd-Frank Act, the CFPB works with the DOJ and other regulators on the enforcement of federal fair lending laws. Both entities have the authority to protect against discriminatory lending under the Equal Credit Opportunity Act, and the new agreement is designed to allow for collaboration in investigations as well as coordination in joint investigations.
‘Discrimination undermines equal access to credit,’ says CFPB Director Richard Cordray. ‘Today's agreement is a critical step to better protecting consumers from illegal and discriminatory lending practices. We look forward to continuing our partnership with the Justice Department under this new framework.’
The memorandum of understanding between the CFPB and the DOJ can be found online.