Arnold & Porter Discusses Three Things to Know About PPP Fair Lending Scrutiny

In response to the COVID-19 pandemic, the Consumer Financial Protection Bureau (CFPB) recently announced that it will adjust its supervision program by rescheduling a portion of its planned examination work. Instead, the agency will conduct prioritized assessments, which it describes as higher-level inquiries intended to cover a greater number of institutions and help the CFPB ensure that entities are attentive to practices that may result in consumer harm. Among the areas the CFPB intends to prioritize is compliance by Paycheck Protection Program (PPP) lenders with the fair lending laws. This Advisory answers some common questions from PPP lenders who may … Read more