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CFPB clarifies how same-sex ruling affects lending

 

WASHINGTON – July 15, 2014 – The Consumer Financial Protection Bureau (CFPB) has issued new policy in response to the Supreme Court's decision last year to ensure rights for same-sex spouses: It will recognize a same-sex marriage as legally valid "nationwide," as long as it was legally binding in the state where the couple wed.

The policy will be applied to the CFPB's implementation of the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Interstate Land Sales Full Disclosure Act, the Truth in Lending Act, and the Real Estate Settlement Procedures Act.

Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Among other things, it enforces laws that outlaw discrimination and other unfair treatment in consumer finance, including mortgage loans.

According to observers, it made sense for the CFPB to clarify how the same-sex marriage decision affects financial services-related laws. Lenders have been deferring to state laws on whether an applicant is "married" because they weren't clear on how their federal regulator views the issue.

Source: American Banker (07/14/14) Witkowski, Rachel

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Related Topics: Legal