On March 9, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued an interpretive rule clarifying that the Equal Opportunity Credit Act (“ECOA”) and its implementing regulation, Regulation B, prohibit discrimination based on sexual orientation and gender identity. The CFPB made clear that this prohibition also extends to “actual or perceived nonconformity with traditional … Continue Reading
On December 3, 2019, the Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration (collectively, “the agencies”), released a joint statement on the use of alternative data in underwriting by banks, credit unions, and non-bank financial firms. The agencies defined alternative data … Continue Reading
