In response to a US District Court ruling that would stymie important new anti-discrimination enforcement work at the Consumer Financial Protection Bureau (CFPB), National Community Reinvestment Coalition (NCRC) President and CEO Jesse Van Tol released the following statement:
“There are only three certainties in life: Death, taxes and erroneous lower-court rulings in bad-faith lawsuits against the CFPB. Congress instructed the CFPB to combat both discrimination and unfair and deceptive practices – and there’s just no good logical or legal reason for the courts to say the agency can’t do both together.
“Of course discrimination is unfair. Kindergarteners understand that. Someday the courts will too — no matter how long the most cynical people in the banking industry insist that they have a right to discriminate.“
For more on the CFPB’s recent clarifications of its handbook noting that discrimination is an unfair practice, see here. For more on the flaws in the financial industry’s legal argument against that move, see here.