Regulation B
E1039777
Regulation B is a U.S. federal regulation issued by the Federal Reserve and CFPB that prohibits discrimination in any aspect of a credit transaction and sets rules for how creditors must handle credit applications and adverse action notices.
Statements (53)
| Predicate | Object |
|---|---|
| instanceOf |
United States federal regulation
ⓘ
anti-discrimination regulation ⓘ consumer protection regulation ⓘ |
| allows | special purpose credit programs under specified conditions ⓘ |
| appliesTo |
auto lenders
ⓘ
banks ⓘ both consumer and commercial credit applicants ⓘ credit card issuers ⓘ credit unions ⓘ creditors ⓘ finance companies ⓘ mortgage lenders ⓘ retailers that extend credit ⓘ small business lenders ⓘ |
| codifiedIn | 12 CFR Part 1002 ⓘ |
| covers |
any aspect of a credit transaction
ⓘ
credit advertising ⓘ credit scoring systems ⓘ credit terms and conditions ⓘ |
| enforcedBy |
Consumer Financial Protection Bureau
NERFINISHED
ⓘ
Federal Trade Commission NERFINISHED ⓘ federal prudential banking regulators ⓘ |
| fullName | Regulation B – Equal Credit Opportunity NERFINISHED ⓘ |
| goal |
to ensure equal access to credit
ⓘ
to prevent discriminatory lending practices ⓘ |
| implements | Equal Credit Opportunity Act NERFINISHED ⓘ |
| jurisdiction |
United States of America
ⓘ
surface form:
United States
|
| legalBasis | Equal Credit Opportunity Act (ECOA) NERFINISHED ⓘ |
| previousCitation | 12 CFR Part 202 ⓘ |
| prohibits | discrimination in any aspect of a credit transaction ⓘ |
| prohibitsDiscriminationOnBasisOf |
age
ⓘ
color ⓘ good faith exercise of rights under the Consumer Credit Protection Act ⓘ marital status ⓘ national origin ⓘ race ⓘ receipt of income from a public assistance program ⓘ religion ⓘ sex ⓘ |
| regulator |
Board of Governors of the Federal Reserve System
NERFINISHED
ⓘ
Consumer Financial Protection Bureau NERFINISHED ⓘ |
| requires |
creditors to notify applicants of action taken on a credit application
ⓘ
creditors to provide adverse action notices ⓘ creditors to provide reasons for adverse action ⓘ evaluation of credit applications without discrimination ⓘ notice of incomplete applications in certain circumstances ⓘ retention of credit application records ⓘ special purpose credit program documentation ⓘ |
| subjectMatter |
adverse action notices
ⓘ
business credit ⓘ consumer credit ⓘ credit applications ⓘ credit discrimination ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.