On May 9, 2022, the Consumer Financial Protection Bureau issued a press release advising lenders of the CFPB’s published advisory opinion of even date affirming that the Equal Credit Opportunity Act (ECOA) and Regulation B protect both those actively seeking credit and those who sought and have received credit. The advisory opinion is an interpretive rule issued under the CFPB’s authority to interpret ECOA and Regulation B and is affective on May 18, 2022. becomes effective on the date it is published in the Federal Register.
