boognish_bear said:
I'm not familiar with this department
name is misleading. It arose out of the 2008 banking crisis ostensibly to protect borrowers. In reality, it's basically the affirmative action police for banks, ensuring that loan portfolios & policies have the right "complexion." Ex: if regulators can ascertain a hint that peoples of color (POC) are charged higher interest rates than whites, enforcement starts. Does not matter if every pricing decision under review is scrupulously in line with good banking practice (i.e. charging higher credit rates for customers with higher credit risk). Literally, the CFPB auditors do not audit credit-worthiness. They could care less about it.
It is a regulatory cudgel to force banks to attend to progressive worldview.
It is a completely unnecessary layer of regulation.
It results in higher rates for people with good credit.
Basically, DEI before DEI, pushing wokeness in the way banks do business.