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Showing 2 posts from March 2021.

CFPB Signals Change by Rescinding Abusive Acts or Practices Policy, With Confirmation of Chopra Likely to be Delayed

On March 11, 2021, the Consumer Financial Protection Bureau (CFPB) announced rescission of its January 24, 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices (Policy). In announcing its rescission, the Bureau indicated the Policy did not provide the intended clarity to regulated entities, and declared it inconsistent with the Dodd-Frank Act, including by limiting the Bureau's full scope of supervisory and enforcement authority. More ›

CFPB Issues Interpretive Rule Prohibiting Discrimination on the Basis of Sexual Orientation and Gender Identity

Anti-discrimination efforts are front and center for the Consumer Financial Protection Bureau. This is evident by the interpretive rule it recently issued relating to the Equal Credit Opportunity Act (ECOA) and Regulation B. The rule clarifies that the prohibition against sex discrimination in ECOA and Regulation B encompasses sexual orientation and gender identity discrimination. The prohibition includes discrimination motivated by perceived nonconformity with sex-based or gender-based stereotypes, as well as discrimination based on an applicant's associations. More ›