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Dec 20, 2022 · 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 obtaining and processing credit ...
- Will Kenton
Apr 12, 2022 · Regulation B is a rule that was created by the Federal Reserve to implement the Equal Credit Opportunity Act (ECOA). The ECOA prohibits discrimination based on race, color, religion, national origin, sex, marital status, age, or use of public aid.
Under the ECOA, the Federal Reserve Board is responsible for drafting and interpreting the imple menting regulation. Enforcement responsibility, how ever, rests with a creditor’s functional regulator or, for any category not so assigned, with the Federal Trade Commission. A synopsis of some of the more important points of Regulation B follows.
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What is Regulation B? Regulation B is the set of rules under the ECOA designed to prevent discrimination in credit transactions. It prohibits discrimination based on race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
Jan 12, 2023 · The Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691 et seq., which is implemented by Regulation B (12 CFR Part 1002), applies to all creditors, including credit unions. When originally enacted, ECOA gave the Federal Reserve Board responsibility for prescribing the implementing regulation. The Dodd-Frank Wall Street Reform and Consumer ...
Feb 1, 2021 · Equal Credit Opportunity Act (Reg B) The Equal Credit Opportunity Act, which is part of the Consumer Credit Protection Act, was adopted on May 29, 1968. The law is designed to promote credit availability to all credit-worthy applicants, regardless of race, color, religion, national origin, sex, marital status or age.
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(a) Authority and scope. 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.).
