← Independent regulator rules (SEC/Fed/FDIC/SBA/FTC/NCUA/CPSC/FHFA/EEOC/NLRB)

Equal Credit Opportunity

Fed · final-rule · Published 2011-07-15 · Effective 2011-08-15 · 76 FR 41590

Document

Document number
2011-17585
Federal Register citation
76 FR 41590
CFR reference
12 CFR 202
Type
Rule
Action
Final rule.
Category
final-rule
Agency
US Federal Reserve System
Publication date
2011-07-15
Effective date
2011-08-15
Docket
Regulation B

Abstract

Section 701 of the Equal Credit Opportunity Act (ECOA) requires a creditor to notify a credit applicant when it has taken adverse action against the applicant. The ECOA adverse action requirements are implemented in the Board's Regulation B. Section 615(a) of the Fair Credit Reporting Act (FCRA) also requires a person to provide a notice when the person takes an adverse action against a consumer based in whole or in part on information in a consumer report. Certain model notices in Regulation B include the content required by both the ECOA and the FCRA adverse action provisions, so that creditors can use the model notices to comply with the adverse action requirements of both statutes. The Board is amending these model notices in Regulation B to include the disclosure of credit scores and related information if a credit score is used in taking adverse action. The revised model notices reflect the new content requirements in section 615(a) of the FCRA as amended by section 1100F of the Dodd- Frank Wall Street Reform and Consumer Protection Act.

Source

Authoritative
Federal Register document
Machine
JSON-LD · Markdown