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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.
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Regulation B prohibits discrimination in credit transactions and aspects of credit transactions. It covers topics such as discrimination, notification, appraisal, special purpose credit programs, and more.
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.).
Regulation B implements the ECOA, which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or public assistance. Learn about the rules for taking applications, evaluating creditworthiness, and furnishing credit information.
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Apr 12, 2022 · Regulation B is the rule that the Federal Reserve created to enforce the ECOA. Regulation B, which is enforced by the CFPB now, tells lenders what they can and cannot do, and establishes penalties for violations of the law.
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.
Regulation B implements the Equal Credit Opportunity Act, which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, and receipt of public assistance. It also requires creditors to provide certain notices, disclosures, and records to applicants and consumers.
