Fralish v. Bank of America, N.A.
The Bureau, the Department of Justice, the Federal Reserve Board, and the Federal Trade Commission jointly filed an amicus brief arguing that the term “applicant” in the Equal Credit Opportunity Act and its implementing rule includes both those who are currently seeking credit and those who sought and have now received credit. This interpretation is the best reading of the statute itself, and any doubt whether the term “applicant” includes current borrowers is put to rest by Regulation B, ECOA’s implementing rule, which for decades has expressly defined the term to include current borrowers.