AG Raoul led a coalition of 20 attorneys general in submitting a comment letter to the Consumer Financial Protection Bureau (CFPB) strongly opposing the CFPB’s proposed changes to regulations implementing the Equal Credit Opportunity Act (ECOA). According to the coalition, the proposed changes violate the Administrative Procedure Act (APA) and weaken the ECOA’s protections against discriminatory and unfair treatment in credit markets. Raoul and the coalition explain the CFPB issued a Notice of Proposed Rulemaking to rescind ECOA regulations that include disparate impacts of discrimination. The proposed rule would also amend regulations related to discouraging consumers from applying for credit. 

“Anyone applying for credit deserves fair treatment in lending based on creditworthiness, not the color of the applicant’s skin, age, gender or marital status. I will continue to work with my colleagues to stop unfair treatment in the credit market and fight to uphold common sense policies to avoid any and all discrimination.” – AG Raoul