Consumer Financial Protection Bureau Issues Bulletin on Lenders’ Standards for Verification of Social Security Disability Income

The Consumer Financial Protection Bureau (CFPB) has issued a bulletin to help lenders avoid imposing illegal burdens on consumers receiving Social Security Disability Insurance (SSDI) and/or Supplemental Security Income (SSI) who apply for mortgages. The bulletin reminds lenders that requiring unnecessary documentation from consumers who receive Social Security disability income may raise fair lending risk. The bulletin calls attention to standards and guidelines that may help lenders comply with the law, and help ensure that SSDI and SSI beneficiaries receive fair and equal access to credit. In a related blog post, the CFPB reminds consumers that anyone having an issue with a financial product or service can submit a complaint online or by calling (855) 411-CFPB.

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