(a) Authority and scope. 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.). Except as otherwise provided herein, this subpart applies to all persons who are creditors, as defined in § 1002.2(l), other than a person excluded from coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376. Information collection requirements contained in this part have been approved by the Office of Management and Budget under the provisions of 44 U.S.C. 3501 et seq. and have been assigned OMB No. 3170-0013.
(b) Purpose. The purpose of this part 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); to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The regulation prohibits creditor practices that discriminate on the basis of any of these factors. The regulation also requires creditors to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain records of credit applications; to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans; and to provide applicants with copies of appraisal reports used in connection with credit transactions.
[76 FR 79445, Dec. 21, 2011, as amended at 88 FR 35527, May 31, 2023]
Notes of Decisions
SeTara Tyson v. Sterling Rental, 836 F.3d 571 (6th Cir. 2016).
“12 C.F.R. § 1002.1 (a). Importantly, Regulation B distinguishes clause [2] by stating that persons qualifying as “creditors” under that clause — that is, those who merely arrange for credit by referring applicants to lenders' — are considered “creditors” solely for the purposes…”
Germain v. M & T Bank Corp., 111 F. Supp. 3d 506 (S.D.N.Y. 2015).
“”)); 12 C.F.R. § 1002.1 (“The purpose of this part is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age.”
Wilmington Sav. Fund Soc'y v. Choi, 2021 IL App (2d) 200218-U (Ill. App. Ct. 2021).
“§ 1691 (2012)) and ECOA regulations (12 C.F.R. 1002.1 et seq. (2014)); 2 Homeowners’ pleading was labelled “Third Amended Counterclaim.”
Juarez v. Soc. Fin., Inc. (N.D. Cal. 2021).
“” See 16 12 C.F.R. § 1002.1 . Regulation B states that a “creditor may inquire about the permanent 17 residency and immigration status of an applicant or any other person in connection with a credit 18 transaction.”
Bingham v. Centier Bank (N.D. Ind. 2022).
“See 12 C.F.R. §§ 1002.1 , 1002.2. his account with the bank to go to a different branch, and he alleges that Mr.”
Jennings Crouch v. Equifax Info. Servs., LLC (E.D. Ky. 2019).
“§ 1691 is implemented through Consumer Financial Protection Bureau (“CFPB”) regulation 12 C.F.R. § 1002.1 , et seq. The Bureau’s regulations provide that for purposes of the ECOA, “.”
Horsburgh v. Wells Fargo Bank, N.A. (S.D.N.Y. 2023).
“Plaintiff fails to satisfy any of the requisite elements for a claim under ECOA Regulation B, much less that the negative treatment which he presumably received— the institution of the Foreclosure Action—was the result of Defendants’ preference for a non- protected individual.”
Stanford Tukwila Hotel Corp v. GBC Int'l Bank (W.D. Wash. 2022).
“The 11 statutory claim to which Plaintiff refers is the Equal Credit Opportunity Act (“ECOA,” 12 Regulation B), 12 CFR Part 1002.1, et seq. However, the “new evidence discovered” related to 13 the ECOA notice are already in the Court Record, were filed by GBC, and were in…”
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