WASHINGTON, D.C.— Amanda Fischer, COO and Policy Director of Better Markets, released the following statement today on the filing of a comment letter to the Consumer Financial Protection Bureau (“Bureau” or “CFPB”) regarding a proposal to gut a seminal fair lending law, the Equal Credit Opportunity Act (“ECOA”).

“The Equal Credit Opportunity Act (“ECOA”) has been on the books for 50 years as a response to the widespread denial of credit to underserved markets, particularly Black and Hispanic borrowers and women. The Trump Administration’s proposal would narrow the instances that qualify as discrimination, make it easier to exclude certain borrowers from applying for loans, and end programs designed to make credit more accessible.” Fischer said. “The proposal completely ignores the ugly part of our history when women couldn’t get credit cards in their own name and, more recently, when subprime, predatory lending to disproportionately Black and Hispanic borrowers created a global financial crisis. Beyond harming these borrowers, the proposal would also strain credit creation, wealth building and economic growth that benefits all Americans. The CFPB should scrap the proposal in its entirety.”

The letter outlines the financial and legal history that led to the passage of ECOA, how the CFPB’s proposal would enable discrimination, and the lack of data, evidence or other support to back the Bureau’s harmful claims.

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org.