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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
Sep 25, 2023 · 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.).
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 to all creditworthy customers without regard to sex or marital status.’’.
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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.
§ 1002.9 is part of 12 CFR Part 1002 (Regulation B). Regulation B protects applicants from discrimination in any aspect of a credit transaction.
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Apr 12, 2022 · Regulation B defines unlawful discriminatory behavior and prohibits financial institutions that extend credit from engaging in certain activities before, during, and after an applicant applies for credit.
