Tag Archives: Credit

CFPB Issues Interpretive Rule Clarifying that ECOA’s Prohibition of Discrimination Based on Sex Extends to Sexual Orientation and Gender Identity

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

Federal Agencies Issue Joint Statement on Alternative Data in Credit Underwriting

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
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