The Consumer Financial Protection Bureau (CFPB) on Tuesday ended some lending industry antidiscrimination requirements that had been in place to protect access to credit, loans and home ownership for different demographic groups.

Under the newly approved rule, lenders are no longer required to adhere to certain provisions of the 1974 Equal Credit Opportunity Act (ECOA). The law had previously prevented disparate impact discrimination in lending practices.

The ECOA was originally enacted to prohibit discrimination in credit transactions based on factors such as race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. The law has served as a key tool in promoting fair lending practices across the financial industry.

The CFPB's decision represents a significant shift in regulatory oversight of lending practices. The bureau has not yet provided detailed information about which specific requirements were eliminated or the rationale behind the policy change.

The timing and scope of the rule change may have implications for how financial institutions evaluate loan applications and maintain compliance with federal antidiscrimination standards going forward.