Regulation B Policy
This Regulation B Policy addresses how a bank, credit union, fintech company, or other type of financial institution adheres to Regulation B – “Equal Credit Opportunity Act” (ECOA).
The purpose of Regulation B 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), the fact that all or part of the applicant’s income derives from a public assistance program, or the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. In addition, Regulation B prohibits creditor practices that discriminate on the basis of any of these factors.
Table of Contents
- Purpose and Contents – Topic 1
- Policy Statement – Topic 2
- Definitions – Topic 3
- Limited Exceptions for Certain Classes of Transactions – Topic 4
- General Rules – Topic 5
- Rules Concerning Requests for Information – Topic 6
- Rules Concerning Evaluation of Applications – Topic 7
- Rules Concerning Extensions of Credit – Topic 8
- Special Purpose Credit Programs – Topic 9
- Notifications – Topic 10
- Furnishing of Credit Information – Topic 11
- Relation to State Law – Topic 12
- Information for Monitoring Purposes – Topic 13
- Rules on Providing Appraisal Reports – Topic 14
- Rules for Self Testing and Self Correction – Topic 15
- Enforcement, Penalties and Liabilities – Topic 16
- Data Collection for Credit Applications – Other – Topic 17
- Small Business Lending Data Collection – Topic 18
- Audit Policy – Topic 19
- Staff Training – Topic 20
- Retention of Documentation – Topic 21
Includes the following form template:
Equal Credit Opportunity Act Sample Notification Forms Template (15 pages)
Regulation B Data Collection Form (2 pages)
Recent updates to this product:
07/15/24 Update
CFPB Interim Final Rule – Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)
11/15/23 Update
CFPB Circular 2023-03 – Adverse Action Notification Requirements and the Proper Use of the CFPB’s Sample Forms Provided in Regulation B
CFPB Circular 2022-03 – Adverse Action Notification Requirements in Connection with Credit Decisions Based on Complex Algorithms
04/17/23 Update
CFPB Final Rule – Small Business Lending Under the Equal Credit Opportunity Act (Regulation B)
This Regulation B Policy (approximately 38 pages) is available to purchase from BankPolicies.com in Microsoft® Word format.
