Jeffrey P. Naimon quoted in S&P Global article, “Expanded anti-discrimination guidelines create compliance challenge for US banks”
S&P GlobalJeffrey P. Naimon
The S&P Global article, “Expanded anti-discrimination guidelines create compliance challenge for US banks,” discussed the heightened anti-discrimination regulations surrounding all consumer financial markets and the difficulty it has caused for banks. While many are praising the CFPB for creating equitable treatment for consumers, many industry experts believe this may create a tough new environment for banks that may not have the immediate resources to comply.
Naimon noted that one of the challenges for banks is limited detail from the CFPB as to what would be considered unfair. “Under this new formulation there are no specifics, so the bureau can attempt to use it very flexibly, and companies that make huge investments in order to comply with existing anti-discrimination laws still will have little clarity as to what to expect.”