August 29, 2019 / 11:52 PM / 18 days ago

Loan guarantor is not an 'applicant' under ECOA -11th Circuit

The guarantor of a loan cannot sue for discrimination as a loan “applicant” under the federal Equal Credit Opportunity Act (ECOA), a federal appeals court has ruled.

A 2-1 panel of the 11th U.S. Circuit Court of Appeals on Wednesday ruled that Lisa Phoenix, a Florida woman, did not have standing to sue Alabama-based Regions Bank for discriminating against her under the ECOA by pressuring her to guarantee a loan to her husband Charles Phoenix’s law firm.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2ZxjDGn

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