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Dec 20, 2022 · What Is Regulation B (Reg B)? Regulation B is intended to prevent applicants from discrimination in any aspect of a credit transaction. It outlines the rules that lenders must adhere to when...
Regulation B protects applicants from discrimination in any aspect of a credit transaction. In light of court orders in ongoing litigation, on June 25, 2024 the CFPB issued an interim final rule to extend the compliance dates of the small business lending rule.
This part, known as Regulation B, is issued by the Bureau of Consumer Financial Protection (Bureau) pursuant to title VII (Equal Credit Opportunity Act) of the Consumer Credit Protection Act, as amended (15 U.S.C. 1601 et seq.).
Apr 12, 2022 · Regulation B is a rule designed to implement the Equal Credit Opportunity Act. It prohibits lenders from discrimination in any aspect of a credit application or transaction.
Equal Credit Opportunity (Regulation B) Background The Equal Credit Opportunity Act (ECOA) of 1974, which is implemented by the Board’s Regulation B, applies to all creditors. The statute requires finan cial institutions and other firms engaged in the extension of credit to ‘‘make credit equally available
The Equal Credit Opportunity Act promotes the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age.
12 CFR Part 1002 - PART 1002—EQUAL CREDIT OPPORTUNITY ACT (REGULATION B) CFR. State Regulations. prev | next. § 1002.1 Authority, scope and purpose. § 1002.2 Definitions. § 1002.3 Limited exceptions for certain classes of transactions. § 1002.4 General rules.
