On May 9, 2022, the CFPB issued an Advisory Opinion to affirm that the Equal Credit Opportunity Act and Regulation B protect not only those actively seeking credit but also those who sought and have received credit. ECOA is a civil rights law that protects individuals and businesses against discrimination in accessing and using credit on the basis of race, color, religion, national origin, sex, marital status, age.
The advisory opinion reiterates that ECOA’s prohibition on discrimination “applies to all credit transactions including the approval, denial, renewal, continuation, or revocation of any open-end consumer credit account.” It has been the CFPB’s longstanding position that ECOA and Regulation B plainly protect applicants who have received credit and are existing account holders, not just those in the process of applying for credit.
The full Advisory Opinion can be found here.