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On Nov. 12, the Consumer Financial Protection Bureau issued a proposed rule to modify various provisions of the Equal Credit Opportunity Act.
The proposed rule, if adopted, would eliminate lender liability for disparate impact inflicted as a result of a lender's lending-related activities; would refine the scope of what it means to "discourage" an individual from applying for a mortgage loan; and would prohibit, or at least restrict, the creation of special purpose credit programs, or SPCPs, that target loan applicants on the basis of race, color, national origin, sex or certain other characteristics.
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