A creditor must provide the section 615(b) disclosure when adverse action is taken based on information from an outside source other than a consumer reporting agency. A creditor must provide the section 615(a) disclosure when adverse action is taken against a consumer based on information from a consumer reporting agency. Forms C–2 through C–5 contain only the section 615(a) disclosure (that a creditor obtained information from a consumer reporting agency that was considered in the credit decision and, as applicable, a credit score used in taking adverse action along with related information). Form C–1 contains the Fair Credit Reporting Act disclosure as required by sections 615(a) and (b) of that act. State member banks, branches and agencies of foreign banks (other than federal branches, federal agencies, and insured state branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act: Federal Reserve Consumer Help Center, P.O. National banks, and federal branches and federal agencies of foreign banks: Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3450, Houston, TX 77010–9050
1813(s)) shall have the meaning given to them in the International Banking Act of 1978 ( 12 U.S.C. Terms that are not defined in the Federal Deposit Insurance Act ( 12 U.S.C. Any questions concerning a particular creditor should be directed to its enforcement agency. The following list indicates the federal agencies that enforce Regulation B for particular classes of creditors.
The regulation also requires creditors to notify applicants of action taken on their applications to report credit history in the names of both spouses on an account to retain records of credit applications to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans and to provide applicants with copies of appraisal reports used in connection with credit transactions.Īppendix A to Part 202-Federal Enforcement Agencies The regulation prohibits creditor practices that discriminate on the basis of any of these factors. The purpose of this regulation is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract) to the fact that all or part of the applicant's income derives from a public assistance program or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. Incentives for self-testing and self-correction.ĭata collection for credit applications by women-owned, minority-owned, or small businesses. Rules concerning evaluation of applications. Rules concerning requests for information. Limited exceptions for certain classes of transactions. Equal Credit Opportunity Act (Regulation B)
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