WBK Industry News - Federal Regulatory Developments

CFPB Extends ECOA Request for Information Comment Period

Responding to industry concerns, the CFPB recently extended the comment period for interested parties to provide feedback on battling discrimination under the Equal Credit Opportunity Act (ECOA) and Regulation B from October 2, 2020, to December 1, 2020.  The CFPB previously published a request for information on August 3, 2020 seeking comments on improving nondiscriminatory access to credit for consumers, reducing uncertainty surrounding credit regulations, and addressing other compliance issues raised by ECOA and Regulation B.  The extension is the result of requests from industry members for more time to receive opinions from their communities and address each concern raised in the CFPB’s initial request for information.