CFPB Issues Advisory Opinion on Fair-Lending Laws

The Consumer Financial Protection Bureau on Monday issued an advisory opinion affirming that the federal prohibition against discrimination in lending applies to all aspects of a credit decision — not just the application process. 

The CFPB’s advisory opinion provides more formal support for Regulation B, the implementing statute of the landmark Equal Credit Opportunity Act of 1974 that creditors are increasingly challenging in court. 

The advisory opinion reiterates the CFPB's view that equal credit act applies not only to consumers and businesses applying for credit, but also to those with existing credit arrangements.

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