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Dec 20, 2022 · Regulation B is part of the Equal Credit Opportunity Act (ECOA) that protects consumers from discrimination based on age, gender, ethnicity, nationality, or marital status. It also requires lenders to provide explanations to rejected applicants and prohibits them from requesting certain information not related to creditworthiness.
- Will Kenton
Regulation B prohibits discrimination in credit transactions and aspects of credit transactions. It covers topics such as discrimination, notification, appraisal, self-testing, and evaluation of applications.
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.).
Learn how credit unions can comply with the Equal Credit Opportunity Act (ECOA) and its implementing regulation (Regulation B), which prohibit discrimination in credit transactions. Find definitions, examination objectives, procedures, and checklist for fair lending examinations.
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.
Sample Form for Collecting Certain Applicant-Provided Data Under Subpart B Appendix F to Part 1002 Tolerances for Bona Fide Errors in Data Reported Under Subpart B
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.
