ECOA PROHIBITS DISCRIMINATION BASED ON FOR FREE

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ECOA PROHIBITS DISCRIMINATION BASED ON FOR FREE

Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.īankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. If you have questions about the information in this Regulatory Alert, please contact the NCUA’s Office of Consumer Financial Protection at 703.518.1140 or You can also contact your NCUA regional office or your state supervisory authority.We are an independent, advertising-supported comparison service. Credit unions should also review automated scoring, decisioning, and pricing models for variables that could be proxies for these prohibited bases. Credit unions should ensure their policies, procedures, and training materials promote compliance with ECOA and Regulation B consistent with the interpretive rule. Some state laws already prohibit discrimination in credit transactions based on sexual orientation or gender identity. It also states that sex discrimination includes discrimination motivated by actual or perceived nonconformity with sex- or gender-based stereotypes, such as discrimination based on a lender’s perception that a customer’s attire does not accord with the customer’s perceived gender. The interpretive rule clarifies that ECOA and Regulation B cover discrimination against individuals, not merely groups. Clayton County, Georgia, that holds the prohibition against sex discrimination in Title VII of the Civil Rights Act of 1964 encompasses sexual orientation discrimination and gender identity discrimination. The CFPB stated the interpretive rule is consistent with the 2020 United States Supreme Court ruling in Bostock v. The interpretive rule became effective on March 16, 2021. 1 The interpretive rule also covers discrimination based on actual or perceived nonconformity with sex- or gender-based stereotypes, and discrimination based on an applicant’s associations.

(You will be leaving and accessing a non-NCUA website.Ĭlarifying that the prohibition against sex discrimination in the Equal Credit Opportunity Act (ECOA), as implemented by Regulation B, encompasses discrimination based on sexual orientation and gender identity discrimination. On March 16, 2021, the Consumer Finance Protection Bureau (CFPB) published in the Federal Register an interpretive rule (opens new window) Dear Boards of Directors and Chief Executive Officers:

Ecoa prohibits discrimination based on