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ARTICLE · 22 FEBRUARY 2023

FTC Provides CFPB With Letter On ECOA

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On February 9, the FTC provided the CFPB and the Federal Reserve Board with its annual letter that summarizes its activities enforcing the ECOA and its implement9ng regulation, Regulation B, in the prior year.

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
Alyssa Paddock
Alyssa Paddock
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On February 9, the FTC provided the CFPB and the Federal Reserve Board with its annual letter that summarizes its activities enforcing the ECOA and its implement9ng regulation, Regulation B, in the prior year. The FTC is in charge of ECOA enforcement for financial service providers that are not banks, thrifts, or federal credit unions. In accordance with the Dodd-Frank Act, the CFPB has rulemaking and enforcement authority over ECOA, and the FTC retains its authority to enforce ECOA, as well as authority to enforce any CFPB rules applicable to entities within the FTC's jurisdiction. As set forth in full in the letter, the FTC describes its work in areas such as enforcement, research, and policy development, including:

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