Released: January 21, 2021
Black Americans suffered the most under Trump-era CFPB, study finds
Source: Andrea Riquier, MarketWatch
The paper, from two Boston College researchers, tracked consumer complaints, and the follow-ups recorded by the Consumer Financial Protection Bureau. Their findings show that in January 2017 — even before President Trump made any changes to the bureau — consumers from predominantly Black or lower-income ZIP codes who complained about financial-services companies were disproportionately less likely to receive monetary relief than disputes lodged from white-majority ZIP codes.
The unequal results suggest the financial industry assumed the Trump administration would take a more hands-off approach to regulation, and that some company practices were adjusted in ways that denied monetary relief to borrowers they considered to be less-desirable consumers.
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