Guarantor Standing Under Reg. B Unresolved After Hawkins v. Community Bank of Raymore

March 24, 2016 at 9:50 am

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“The judgment is affirmed by an equally divided Court.” With that one sentence, the Supreme Court case of Hawkins v. Community Bank of Raymore, Case No. 14-520 came to an end. The first 4-4 decision from the Court since the death of Justice Antonin Scalia leaves unresolved, at least on a national level, whether the Board of Governors of the Federal Reserve acted within its authority when it revised Reg. B and changed the definition of “applicant” under the Equal Credit Opportunity Act to include the spouses of persons who guaranty commercial debt. Under Eighth Circuit precedent, guarantors do not have standing to bring Reg. B claims. In the Sixth Circuit, they do. Other circuits will now be able to weigh in with their own opinions.

Check out the rest of this article on the Stinson Leonard Street Bankruptcy Blog.

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