WASHINGTON, Nov. 13 -- Consumer Financial Protection Bureau has issued a proposed rule called: Equal Credit Opportunity Act (Regulation B).
The proposed rule was published in the Federal Register on Nov. 13 by Russell Vought, Acting Director, Consumer Financial Protection Bureau.
Summary: The Consumer Financial Protection Bureau (Bureau or CFPB) is issuing a proposed rule for public comment that amends provisions related to disparate impact, discouragement of applicants or prospective applicants, and special purpose credit programs under Regulation B, the regulation implementing the Equal Credit Opportunity Act (ECOA or Act). The amendments would facilitate compliance with ECOA by clarifying the obligations imposed by the statute.
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