The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion affirming that the Equal Credit Opportunity Act (ECOA) and Regulation B protect applicants seeking credit and those who have already sought and received credit.

The CFPB recently issued an advisory opinion regarding ECOA and Regulation B, asserting that both are intended to reach discrimination “in any aspect of a transaction.” ECOA and Regulation B protect individuals and businesses against discrimination in accessing and using credit on the bases of race, color, religion, national origin, sex or marital status, or age as well as the receipt of public assistance income. The CFPB advisory opinion states that ECOA and Regulation B apply to applicants who have received credit and are existing account holders as well as those in the process of applying for credit. The term applicant is determined by the statutory text, legislative history, statutory purpose, and judicial precedent. This advisory opinion pertains to “creditors” as defined in section 72 of ECOA.

To view the CFPB’s full advisory opinion, please visit this link.