Fighting discrimination in the credit marketplace
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Equal access to credit based on non-discriminatory criteria is an essential component of economic opportunity and a fair marketplace.
- The Equal Credit Opportunity Act prohibits creditors from denying credit based on a host of discriminatory criteria, including race, religion, national origin, sex, marital status, age, etc.
- On March 9, 2021, the CFPB issued an interpretive rule clarifying that ECOAs prohibition against sex discrimination also prohibits credit discrimination based on a persons sexual orientation or gender identity.
- Thats in keeping with Supreme Courts decision last year in Bostock v. Clayton County, Georgia, which held that the prohibition against sex discrimination in Title VII of the Civil Rights Act includes sexual orientation discrimination and gender identity discrimination.