This guidance effectively prohibits creditors like banks, retailers, credit card companies, finance companies, and credit unions from engaging in anti-LGBTQ discrimination.The CFPB announced its new guidance in response to an inquiry from an advocacy group called SAGE (Services and Advocacy for GLBT Elders).“Knowing the members composing this committee as well as I do,” she explained to them,” I’m sure it was just an oversight that we didn’t have ‘sex’ or ‘marital status’ included.[Table of Contents] [Previous Page] [Next Page] [Search] Supplement I to Part 1002 Official Interpretations Following is an official interpretation of Regulation B (12 CFR Part 1002) issued by the Bureau of Consumer Financial Protection. 1601 Section 706(e) of the Equal Credit Opportunity Act protects a creditor from civil liability for any act done or omitted in good faith in conformity with an interpretation issued by a duly authorized official of the Bureau.“This means that they don’t always have a support network in place when facing challenges related to finances.The CFPB’s clarification with respect to the Equal Credit Opportunity Act moves the ball forward in ensuring that LGBT older people have access to credit on an equal playing field.” “This is welcome news to LGBT people applying for mortgages, small business loans, and accessing other types of credit that keep us participating in today’s economy,” she said.Over the last several decades, courts and agencies have expanded the scope of “sex discrimination” bans to encompass both anti-trans and anti-gay discrimination.The Supreme Court itself seemingly affirmed this expansive interpretation of sex discrimination in a 1989 decision holding that sex stereotyping—bias against gender nonconformity—constitutes discrimination “on the basis of sex.” From that decision, courts have intuited that discrimination against LGBTQ people is itself sex discrimination: Transgender people, after all, are not conforming with the sex they were assigned at birth, and gay and bisexual people aren’t conforming to the stereotype that they should only be attracted to the opposite sex.
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Since 1974, progressives have sought to broaden federal civil rights laws’ ban on “sex discrimination” to encompass discrimination on the basis of sexual orientation and what we today call gender identity.
Interpretations will be issued at the discretion of designated officials and incorporated in this commentary following publication for comment in the Federal Register.
Except in unusual circumstances, official interpretations will be issued only by means of this commentary. The comments are designated with as much specificity as possible according to the particular regulatory provision addressed.