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Summary of the Fair Lending Provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010

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1. the number of the application and the date on which the application was received;

2. the type and purpose of the loan or other credit being applied for;

3. the amount of the credit or credit limit applied for, and the amount of the credit transaction or the credit limit approved for such applicant;

4. the type of action taken with respect to such application, and the date of such action;

5. the census tract in which is located the principal place of business of the women-owned, minority-owned, or small business loan applicant;

6. the gross annual revenue of the business in the last fiscal year of the women-owned, minority-owned, or small business loan applicant preceding the date of the application;

7. the race, sex, and ethnicity of the principal owners of the business; and

8. any additional data that the Bureau determines would aid in fulfilling the purposes of this section.

It is the responsibility of the Office of Fair Lending and Equal Opportunity to ensure compliance with these new provisions. CAUTION: The Bureau may, at its discretion, delete or modify data if the Bureau determines that the deletion or modification of the data would advance a privacy interest.

Enforcement Powers

Section 1052 explicitly authorizes the investigation (including joint investigations) of matters related to fair lending.

The Bureau is authorized to conduct hearings and adjudication proceedings "including an enumerated consumer law, and any regulations or order prescribed thereunder, unless such Federal law specifically limits the Bureau from conducting a hearing or adjudication proceeding and only to the extent of such limitation."

The Bureau can issue cease and desist orders, grant any appropriate legal or equitable relief including but not limited to:

1. rescission or reformation of contracts;

2. refund of moneys or return of real property;

3. restitution;

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Stella Adams is the founder and CEO of S J Adams Consulting which performs research and policy development in the areas of fair housing, and fair lending. Ms. Adams served on the Federal Reserve Board Consumer Advisory Council (1/05-12/07), which (more...)
 
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I apologize, this issue is a bit complex to me, so... by Joyce McCloy on Sunday, Nov 7, 2010 at 4:51:45 PM