Regulation B News Today

Consumer Financial Protection Bureau the Bureau or CFPB issued its third Circular emphasizing creditor use of complex algorithms,The Circular makes clear that federal consumer protection laws apply, and are enforced, regardless of the technology a creditor employs.

Consumer Financial Protection Bureaureleased an advisory opinion affirming that Equal Credit Opportunity Act and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit.

The Consumer Finance Protection Bureau gave advisory opinion that Equal Credit Opportunity Act, Regulation B protect individuals, businesses against discrimination in credit arrangements. CFPB Director Rohit Chopra said ECOA, Reg B protections do not vanish after application

The CFPB stated that lenders are permitted to design and implement SPCPs to extend credit to a class of persons who would otherwise be denied credit or would receive it on less favorable terms, under certain conditions.