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CFPB Clarifies Rules For Lending To Same-Sex Married Couples

The Consumer Financial Protection Bureau (CFPB) clarified its rules regarding lending to same sex, married couples. The agency recognizes all lawful marriages valid at the time of the marriage in the jurisdiction where the marriage was celebrated. 

CFPB Director Richard Cordray recently issued a memo to lenders explaining the CFPB’s laws, regulations and policies regrading lending to same-sex married couples.

The memo follows the June 26 United States v. Windsor case in which the Supreme Court struck down section 3 of the Defense of Marriage Act (DOMA) as unconstitutional. Section 3 provided that marriage would only be recognized as a legal union between one man and one woman. 

“The Bureau will regard a person who is married under the laws of any jurisdiction to be married nationwide for purposes of the federal statues and relations under the Bureau’s jurisdiction regardless of the person’s place of residency,” Cordray writes. 

Read the memo here.  

Written by Cassandra Dowell