The Biden-Harris Administration in Executive Order 13985 called on agencies to advance equity and racial justice across the federal government to root out entrenched disparities and create opportunities for historically underserved communities. In keeping with this mandate, federal agencies have stepped up fair lending enforcement, including by tackling redlining, launching several equity related initiatives, and using the bully pulpit to call attention to discriminatory practices in housing, credit and financial services. In the next several months, federal agencies should engage in the critically important work of finalizing rules and guidance to turn various equity focused plans and proposals into programs and initiatives that are baked in to agency culture.
This issue brief provides a slate of detailed recommendations to advance the following urgent goals:
- Protect consumers from bias and discrimination related to artificial intelligence and other emerging technologies;
- Preserve and promote accessible and affordable homeownership opportunities;
- Protect renters from abusive practices by landlords, housing providers and tenant screening companies;
- Expand in-language access to financial services and products for Limited English Proficient consumers and Immigrants;
- Reform the federal student loan system to enhance protections for borrowers;
- Promote non-discriminatory sale and financing of vehicles, add-ons, and insurance and ensure equitable access to emerging transportation options; and
- Promote, enforce and defend fair lending laws.