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Is UDAAP replacing fair lending?

Answered by: 

Question: 
If UDAAP is going to be used to enforce “fair banking” will we see less of ECOA, the FHA and other anti-discrimination regs and laws?
Answer: 

No, and quite the contrary. ECOA is getting a major facelift with the small business data gathering rules being added. The CFPB has made clear that an action that is unfair, may also violate fair lending so one foul can yield multiple penalties.

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Learn more about Andy Zavoina’s Introduction to Fair Banking – It’s Real webinar.

First published on 04/17/2022

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