On May 9, 2022, the Consumer Finance Protection Bureau (CFPB or the Bureau) issued an advisory opinion to clarify that the Equal Credit Opportunity Act (ECOA) and Regulation B (Reg B) protect individuals and businesses against discrimination in “all aspects of a credit arrangement.” According to CFPB Director Rohit Chopra, the protections afforded under ECOA and Reg B do not “vanish” after the application process. The opinion comes at a time when the Bureau has heightened its focus on ensuring fairness and racial equality in both credit and non-credit aspects of consumer finance.
CFPB Advisory Opinion Clarifies that ECOA Applies Throughout Credit Lifecycle
