Peters Cosponsors Bill to Protect LGBT Americans from Credit Discrimination

Legislation Prohibits Discrimination on the Basis of Sexual Orientation, Gender Identity in Credit Applications

WASHINGTON, DC – U.S. Senator Gary Peters (MI) announced today that he is cosponsoring the Freedom from Discrimination in Credit Act (FDCA) to prohibit discrimination based on sexual orientation or gender identity for individuals trying to secure credit. In 36 states, including Michigan, there is no law to protect individuals from credit discrimination on the basis of their sexual orientation or gender identity.

“Access to credit is essential for people to get a loan for college, buy a car or home or start their own business. No one should ever be denied a line of credit because of their sexual orientation or gender identity,” said Senator Peters. “I’m proud to cosponsor this legislation that will prevent discrimination against LGBT Americans, and ensure that credit decisions are based solely on an individual’s credit history.”

Currently, in states across the country, LGBT individuals can be denied a student loan, credit card, home loan, business loan or other type of credit because of their sexual orientation or gender identity.

Under current law, the Equal Credit Opportunity Act prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status and age. The FDCA would amend the Equal Credit Opportunity Act to include prohibitions against discrimination based on sexual orientation and gender identity as well.

The FDCA has been endorsed by the Human Rights Campaign and the Credit Union National Association.

Peters is a strong proponent of equal rights for LGBT Americans. He recently cosponsored the Social Security and Marriage Equality (SAME) Act to ensure that same-sex spouses receive equal treatment when they apply for Social Security benefits. He cosponsored the Charlie Morgan Military Spouses Equal Treatment Act to extend veterans benefits to same-sex military couples and dependents across the country. He also cosponsored the Student Non-Discrimination Act to protect public school students who are perceived to be lesbian, gay, bisexual or transgender from bullying, harassment, and discrimination.

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