In early February, the Federal Trade Commission (FTC) sent its annual letter to the Consumer
Financial Protection Bureau (CFPB). The letter explained the
FTC's activities related to the Equal Credit Opportunity Act
(ECOA) and Regulation B of ECOA. Pursuant to a January 2012
memorandum of understanding between the CFPB and the FTC, and
consistent with the Dodd-Frank Act, the FTC continues to coordinate
enforcement, rulemaking, and other activities in accordance with
ECOA.
Among other things, the Dodd-Frank Act made important changes to
ECOA and other consumer laws, such as giving the CFPB rulemaking
and enforcement authority for ECOA. Under the Dodd-Frank Act, the
FTC retained its authority to enforce ECOA and Regulation B. In
addition, the Dodd-Frank Act gave the FTC the authority to enforce
any CFPB rules applicable to entities within the FTC's
jurisdiction, which include most providers of financial services
that are not banks, thrifts, or federal credit unions.
