On November 13, the CFPB issued a sweeping proposed rule to overhaul Regulation B, arguably the most far-reaching ECOA rewrite in the agency’s history. The proposal would eliminate disparate-impact liability under ECOA, sharply narrow the scope of discouragement to focus on explicit statements directed at applicants, and prohibit or heavily restrict the use of protected-class criteria in Special Purpose Credit Programs offered by for-profit organizations. 

Continue Reading CFPB Proposed Rule Dramatically Revises ECOA