Bush Judge Imposes National Freeze on Rule Preventing Small Biz Lending Discrimination, A Win for Banks With Discrimination History

This ruling is an insult to traditionally underserved small business borrowers that face lending discrimination every day. It’s no coincidence that the big banks suing to keep demographic lending data under lock and key include many of the same banks who’ve been caught in acts of discrimination. More concerning, Senate conservatives that have taken millions of dollars from the financial industry recently voted in favor of the big bank’s cause, arguing discrimination is just a normal part of doing business. The vote was a stark reminder why everyday Americans need a strong and independent CFPB free from political and industry influence in Congress.

“These lawsuits are part of a long-running, organized effort by greedy industries and politicians in their pocket to defang, defund or do away with the CFPB because it works so well to protect consumers from scams, discrimination and predatory behavior,” added Zelnick. “If the financial industry is allowed to slam the door on Americans seeking financial services on the basis of identity without consequence, it will keep many families from getting ahead.”