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Equal Credit Opportunity

Fed · final-rule · Published 2003-03-18 · Effective 2003-04-15 · 68 FR 13144

Document

Document number
03-5666
Federal Register citation
68 FR 13144
CFR reference
12 CFR 202
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Reserve System
Publication date
2003-03-18
Effective date
2003-04-15
Docket
Regulation B

Abstract

The Board is publishing a final rule amending Regulation B, pursuant to the Board's policy of periodically reviewing and updating its regulations. Regulation B implements the Equal Credit Opportunity Act. Among other things, the final rule retains the general prohibition against inquiring about, or noting, applicant characteristics for nonmortgage credit transactions, and creates an exception when such data are collected for the purpose of conducting a self-test. The final rule also requires creditors to retain certain records related to prescreened solicitations for 25 months, to enable Federal financial enforcement agencies to assess whether or how national origin, race, age, or other prohibited bases of discrimination under the ECOA are taken into account in prescreened solicitations. The official staff commentary has also been amended; consideration of several previously proposed amendments has been deferred to allow for supplemental comment.

Source

Authoritative
Federal Register document
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