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Source: The State AG Report
State: California, Multistate
Area of Law: Consumer Finance, Mortgages & Debt, Consumer Protection, Federal Agencies (FTC, CFPB, FCC)
- A group of 21 Democratic AGs submitted a comment letter to the CFPB opposing a proposed rule that would rescind or revise key provisions of Regulation B implementing the Equal Credit Opportunity Act (ECOA).
- In the letter, the AGs argue that the proposed rescission of regulations authorizing a disparate impact theory of discrimination and the proposed amendment of regulations relating to discouragement of prospective applicants for credit would violate the Administrative Procedure Act and contravene the purpose and meaning of the ECOA to protect against unfair treatment in credit markets.
- The AGs urged the CFPB not to implement the proposed changes and to retain existing provisions regarding disparate impact and discouragement.
- We have previously reported on consumer protection measures that Democratic AGs have undertaken in response to changes to the CFPB under the Trump administration, including a letter opposing a proposed rule that would limit the Bureau's authority to oversee nonbank financial services providers and multiple letters urging the CFPB to reject proposals limiting oversight of certain financial markets.
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