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Abstract: 

The Supreme Court granted the writ of certiorari to resolve a circuit court split on the meaning of the term “applicant” in the Equal Credit Opportunity Act (ECOA) and whether the Federal Reserve’s interpretation, defining the term to include a spouse who is required to provide a personal guaranty, is entitled to deference. The case is significant for lenders because if the Federal Reserve’s definition is accepted, then some loans may be essentially unenforceable.

Keywords: Equal Credit Opportunity Act, ECOA, spousal guaranty, applicant, deference

Affiliations:  1: Blank Rome, LLP.