High Court To Review ECOA Protections For Loan Guarantors

By Evan Weinberger (March 2, 2015, 4:34 PM EST) -- The U.S. Supreme Court on Monday agreed to hear a case that will determine whether the Federal Reserve's extension of the Equal Credit Opportunity Act to include "spousal guarantors" on loans allows the wives of two businessmen to make a discrimination claim against a creditor.

The high court granted a petition for a writ of certiorari filed by two Missouri women, Valerie Hawkins and Janice Patterson, who are seeking to stop a local bank from pursuing them over more than $2 million in loans that their husbands took out to fund a failed real estate development in Peculiar, Missouri. Hawkins and...

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