Potential Changes to Loan Co-Signing Rules Raise Concerns

The Trump administration is considering changes to loan co-signing rules that could affect decades of progress in preventing discrimination in lending practices. According to MarketWatch, the proposed changes by the Consumer Financial Protection Bureau aim to narrow the enforcement of the Equal Credit Opportunity Act, a law established in 1974 that has historically protected borrowers from discrimination, particularly women and racial minority groups.

This potential rollback of a fifty-year-old rule has raised significant concerns among consumer advocates, who warn that it may lead to increased discrimination in lending and negatively impact borrowers.