FTC Summarizes ECOA Enforcement Activities – Consumer Protection

United States: FTC Summarizes ECOA Enforcement Activities

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The FTC abstract its law enforcement activities regarding Equal Credit Opportunity Act (“ECOA”). The FTC letter was a response to a request from the CFPB who intends to use the information in the preparation of the CFPB’s 2021 annual report to Congress.

In the report, the FTC pointed out:

  • the different ways in which substance use issues affect communities of color;

  • continued support from military consumers;

  • participation as a member of the inter-agency working group on lending equity to share information and discuss policy issues; and

  • participation as a member of the Interagency Fair Lending Methodologies Working Group to provide insight into the methods used in the enforcement and monitoring of compliance with Fair Lending laws, including the ECOA.

Primary sources

  1. FTC Press Release: FTC Staff Provide Annual Letter to CFPB on Equal Credit Opportunity Act of 2021 Activities

  2. FTC Report to CFPB: Equal Credit Opportunity Act 2021

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