WASHINGTON--The CFPB today has published a notice withdrawing a joint statement issued in 2023 with the Department of Justice (DOJ).
The 2023 joint statement cautioned that creditor policies related to an applicant’s immigration or citizenship status could run afoul of the Equal Credit Opportunity Act’s (ECOA) and Regulation B’s prohibition of discrimination on the basis of protected classes, including race and national origin, America's Credit Unions explained.
Because the joint statement was non-binding, its withdrawal does not change creditors’ legal obligations under ECOA or create new liabilities. It also does not affect any state-specific requirements, ACU said.
The filing notes the 2023 statement may have caused confusion by implying limits on considering immigration/citizenship status that do not actually exist under ECOA or Regulation B. ECOA and Regulation B do not prohibit creditors from considering immigration or citizenship status, so long as it is not used to discriminate on a protected basis.
The withdrawal is effective as of Monday, ACU said.