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Final 9-25-16 Delaware

Supreme Court to consider bias claim on loan guarantees

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Supreme Court to consider bias claim on loan guarantees

WASHINGTON (AP) – The Supreme Court will decide whether a bank discriminated against the wives of two Missouri real estate developers by requiring them to guarantee their husbands’ business loans. The justices said Monday they will hear an appeal of Valerie Hawkins and Janice Patterson, who claim the bank discriminated against them based on their […]

Supreme Court to consider bias claim on loan guarantees

WASHINGTON (AP) – The Supreme Court will decide whether a bank discriminated against the wives of two Missouri real estate developers by requiring them to guarantee their husbands’ business loans.

The justices said Monday they will hear an appeal of Valerie Hawkins and Janice Patterson, who claim the bank discriminated against them based on their marital status in violation of the Equal Credit Opportunity Act.

A federal judge ruled that the law protects only those who apply for credit and not those who guarantee to secure debt. The 8th U.S. Circuit Court of Appeals agreed.

The women argue that the court ruling conflicts with Federal Reserve Board regulations that say the law covers credit guarantees.

The court will hear arguments in the case when it begins its new term in the fall.

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By Colin Jeffery

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