Sec. 2. Office of Fair Lending Testing
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There is established within the Bureau of Consumer Financial Protection an Office of Fair Lending Testing (hereinafter referred to as the Office ). The head of the Office shall be a Director, who shall— be appointed to a 5-year term by, and report to, the Director of the Bureau of Consumer Financial Protection; appoint and fix the compensation of such employees as are necessary to carry out the duties of the Office under this section; and provide an estimated annual budget to the Director of the Bureau of Consumer Financial Protection.
The position of the Director shall be a career position within the civil service. The Office, in consultation with the Attorney General and the Secretary of Housing and Urban Development, shall conduct testing of compliance with the Equal Credit Opportunity Act by creditors, through the use of individuals who, without any bona fide intent to receive a loan, pose as prospective borrowers for the purpose of gathering information. If, in carrying out the testing described under paragraph (1), the Office believes a person has violated the Equal Credit Opportunity Act, the Office shall refer such violation in writing to the Attorney General for appropriate action.
Section 707 of the Equal Credit Opportunity Act ( 15 U.S.C. 1691f ) is amended by adding at the end the following: In addition, each report of the Bureau shall include an analysis of the testing carried out pursuant to section 2 of the Fair Lending for All Act, and each report of the Bureau and the Attorney General shall include a summary of criminal enforcement actions taken under section 706A. .
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Sec. 2
Office of Fair Lending Testing
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