financialservices.house.gov

Cmte Financial Services (R)
Contact:


Hensarling Applauds Bureau’s Plan to Examine ECOA

Washington, May 21 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement praising the Bureau of Consumer Financial Protection’s (Bureau) announcement that it will reexamine whether disparate impact liability is within the jurisdiction of the Equal Credit Opportunity Act (ECOA). Prior staff reports compiled by the Committee have shown that disparate impact liability almost certainly does not lie under ECOA as a matter of law.  This conclusion is compelled by the ECOA’s text, rules of statutory construction, applicable Supreme Court precedent, and relevant history. 

“This announcement by the Bureau is yet another example of the outstanding efforts Acting Director Mulvaney is taking to restore the Bureau to its proper role of vigorously policing our consumer credit markets for fraud and deception. It is the Bureau’s job to enforce law, not make it. That is Congress’s job. I’m glad Acting Director Mulvaney recognizes this and I look forward to continuing to work with him to repair the damage to the rule of law and the trampling of due process done by his predecessor.”