CFPB Clarifies that ECOA Prohibits Discrimination Based on Sexual Orientation and Gender Identity

On March 9, 2021, the CFPB issued an interpretative rule clarifying that with respect to any aspect of credit transaction, the Equal Credit Opportunity Act’s (“ECOA”), and its implementing Regulation B’s, prohibition against sex discrimination encompasses sexual orientation discrimination and gender identity discrimination, including discrimination based on actual or perceived nonconformity with sex based or gender-based stereotypes and discrimination based on an applicant’s associations. This interpretive rule will become effective immediately upon publication in the Federal Register.


ECOA applies to any extension of credit, including consumer credit, extensions of credit to small businesses, companies, partnerships, and trusts. Creditors subject to ECOA should review their practices covered by ECOA, including advertising, lending, underwriting, and loan workout practices, and should incorporate the guidance of this interpretive rule into their policies and procedures.

If you have any questions concerning this interpretive rule, please contact Solomon Maman.


  • Solomon Maman

    Solomon has nearly two decades of experience representing financial institutions, real estate investors and privately owned business entities. Solomon concentrates his practice in the areas of banking, consumer financial services, real estate, business law and related litigation and appellate practice.

Download Related Document