CFPB Clarifies How Same-Sex Ruling Affects Lending Rules

July 14, 2014
American Banker 
mortgage lending news
The Consumer Financial Protection Bureau has issued new policy in response to the Supreme Court's decision last year to ensure rights for same-sex spouses. The agency will recognize a same-sex marriage as being legally valid "nationwide" as long as it was legally binding in the state where the couple was 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. According to observers, it made sense for the CFPB to clarify how the decision affects financial services-related laws. Lenders have been deferring to state laws on whether an applicant is "married," without understanding how their federal regulator views the issue.

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