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Winning Back-Office Strategies to Boost Your Business Agility
VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
On Mar. 9, 2021, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule clarifying the prohibition against sex discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B.
The interpretive rule makes it clear lenders are forbidden from discriminating based on sexual orientation or gender identity. The CFPB believes even though the term “sex” is not defined in ECOA or Regulation B, the prohibitions against discrimination on the basis of “sex” under ECOA and Regulation B are correctly interpreted and finds under ECOA and Regulation B:
The interpretive rule is effective the date it is published in the federal register.
For assistance in assessing your institution’s compliance with ECOA and Regulation B, contact Doeren Mayhew’s regulatory compliance specialists.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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