Equal Credit Opportunity Act (ECOA) for fair lending practices has been saved
Equal Credit Opportunity Act (ECOA) for fair lending practices
The Consumer Financial Protection Bureau (CFB) underscores ECOA compliance
The CFPB recently issued regulatory guidance on ECOA to emphasize its importance and clarify the extent of its anti-discrimination protections. Explore our blog to learn more about its key aspects, compliance program implications and what you may want to do now.
Why ECOA compliance
Despite the increased sophistication of models and other quantitative methods used throughout the lending process, the need to understand and provide a rationale for credit decisions remains key to demonstrating ECOA compliance. The recent CFPB guidance reminds lenders to apply the ECOA anti-discrimination law throughout the credit lifecycle. The CFPB highlights how ECOA prohibits discrimination, throughout the credit life cycle, and encourages creditors to ensure compliance. Download our blog to learn more about the CFPB guidance, its implications, and the actions you can take.
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