15 U.S.C. § 1691b

Promulgation of regulations by the Bureau

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(a) In general

The Bureau shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.

(b) Exempt transactions

Such regulations may exempt from the provisions of this subchapter any class of transactions that are not primarily for personal, family, or household purposes, or business or commercial loans made available by a financial institution, except that a particular type within a class of such transactions may be exempted if the Bureau determines, after making an express finding that the application of this subchapter or of any provision of this subchapter of such transaction would not contribute substantially to effecting the purposes of this subchapter.

An exemption granted pursuant to subsection (b) shall be for no longer than five years and shall be extended only if the Bureau makes a subsequent determination, in the manner described by such paragraph,11 So in original. Probably should be “subsection,”. that such exemption remains appropriate.

(d) Maintenance of records

Pursuant to Bureau regulations, entities making business or commercial loans shall maintain such records or other data relating to such loans as may be necessary to evidence compliance with this subsection 22 So in original. or enforce any action pursuant to the authority of this chapter. In no event shall such records or data be maintained for a period of less than one year. The Bureau shall promulgate regulations to implement this paragraph 33 So in original. Probably should be “subsection”. in the manner prescribed by chapter 5 of title 5.

(e) Notice of denial of loan

The Bureau shall provide in regulations that an applicant for a business or commercial loan shall be provided a written notice of such applicant’s right to receive a written statement of the reasons for the denial of such loan.

(f) Board authority

Notwithstanding subsection (a), the Board shall prescribe regulations to carry out the purposes of this subchapter with respect to a person described in section 5519(a) of title 12. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.

(g) Deference

Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 44 So in original. Probably should be followed by a period.

(Pub. L. 90–321, title VII, § 703, as added Pub. L. 93–495, title V, § 503, Oct. 28, 1974, 88 Stat. 1522; amended Pub. L. 94–239, § 3(a), Mar. 23, 1976, 90 Stat. 252; Pub. L. 100–533, title III, § 301, Oct. 25, 1988, 102 Stat. 2692; Pub. L. 111–203, title X, § 1085(1), (3), July 21, 2010, 124 Stat. 2083.)Editorial NotesAmendments

2010—Pub. L. 111–203, § 1085(3)(A), substituted “Promulgation of regulations by the Bureau” for “Regulations” in section catchline.

Pub. L. 111–203, § 1085(1), substituted “Bureau” for “Board” wherever appearing.

Subsecs. (a) to (e). Pub. L. 111–203, § 1085(3)(B)–(E), in subsec. (a), struck out “(a)” designation before “(1)”, redesignated subsec. (a) pars. (1) to (5) as subsecs. (a) to (e), respectively, in subsec. (c) substituted “subsection (b)” for “paragraph (2)”, and struck out former subsec. (b), which related to establishment of a Consumer Advisory Council to advise and consult with the Board.

Subsecs. (f), (g). Pub. L. 111–203, § 1085(3)(F), added subsecs. (f) and (g).

1988—Subsec. (a). Pub. L. 100–533 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The Board shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith. In particular, such regulations may exempt from one or more of the provisions of this subchapter any class of transactions not primarily for personal, family, or household purposes, if the Board makes an express finding that the application of such provision or provisions would not contribute substantially to carrying out the purposes of this subchapter. Such regulations shall be prescribed as soon as possible after the date of enactment of this Act, but in no event later than the effective date of this Act.”

1976—Pub. L. 94–239 designated existing provisions as subsec. (a), inserted provisions exempting from regulations of this subchapter any class of transactions not primarily for personal, family, or household purposes to be determined by the Board, and added subsec. (b).

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date of 1976 Amendment

Amendment by Pub. L. 94–239 effective Mar. 23, 1976, see section 708 of Pub. L. 90–321, set out as an Effective Date note under section 1691 of this title.

Notes of Decisions

Cited in 57 cases (7 in the last 5 years), 1977–2025 · leading case: Harris v. Capital Growth Investors XIV, 805 P.2d 873 (Cal. 1991).

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Harris v. Capital Growth Investors XIV, 805 P.2d 873 (Cal. 1991). · cites it 2× “(15 U.S.C. § 1691b.) Even more critically, the Equal Credit Opportunity Act does not support the dissent's position on the merits of this case.”

Regions Bank v. Legal Outsource PA, 936 F.3d 1184 (11th Cir. 2019). · cites it 2× “See 15 U.S.C. § 1691b (1974). And the Federal Reserve Board promulgated Regulation B, which defines an applicant as “any person who requests or who has received an extension of credit from a creditor,” which includes “any person who is or may become contractually liable…”

Terry Klotz v. Celentano Stadtmauer & Wale, 991 F.3d 458 (3rd Cir. 2021). “” 15 U.S.C. § 1691b(b). The agency exercised this authority by exempting “incidental credit” from the § 202.”

RL BB Acquisition, LLC v. Bridgemill Commons Dev. Grp., LLC, 754 F.3d 380 (6th Cir. 2014). · cites it 2× “While ECOA’s definition of applicant does not overtly include guarantors, Regulation B’s definition of applicant does for the purposes of enforcing spouse-guarantor rule.”

Bank of the West v. Kline, 782 N.W.2d 453 (Iowa 2010). · cites it 2× “15 U.S.C. § 1691b(a)(1). The regulations promulgated by the Board are codified in Regulation B.”

Germain v. M & T Bank Corp., 111 F. Supp. 3d 506 (S.D.N.Y. 2015). · cites it 2× “July 8, 2011) (quoting 15 U.S.C. § 1691b(a)). An “applicant” for credit, in turn, is defined as “any person who applies to a creditor directly for an extension, renewal, or continuation of credit, or applies to a creditor indirectly by use of an existing credit plan for an…”

Elodie Jochum, Wife Of/& Carmelo F. Pagano v. Pico Credit Corp. of Westbank, Inc., 730 F.2d 1041 (5th Cir. 1984). · cites it 3× “2(c), prescribed by the Board of Governors of the Federal Reserve System, pursuant to authority legislatively conferred by the Act, 15 U.S.C. § 1691b(a). Before adverting to the facts and particular issues of this appeal, we discuss the statutory context in which they arise.”

Virginia F. Miller v. Am. Express Co., 688 F.2d 1235 (9th Cir. 1982). · cites it 3× “It also authorizes the Board of Governors of the Federal Reserve System (Board) to prescribe regulations, 15 U.S.C. § 1691b, and creates a private right of action for declaratory and equitable relief and for actual and punitive damages.”

SeTara Tyson v. Sterling Rental, 836 F.3d 571 (6th Cir. 2016). “See 15 U.S.C. § 1691b(a) (granting the CFPB authority to promulgate regulations “to carry out the [ECOA’s] purposes”).”

Richard A. Batterton, Sec'y of Emp. & Soc. Servs. of the State of Maryland v. F. Ray Marshall, Sec'y of Labor, 648 F.2d 694 (D.C. Cir. 1980). “, Equal Credit Opportunity Act, 15 U.S.C. § 1691b (1976) (empowering Federal Reserve Board to issue regulations to prohibit discriminatory credit practices); Motor Vehicle Information and Cost Savings Act, 15 U.”

BayBank v. Bornhofft, 694 N.E.2d 854 (Mass. 1998). · cites it 3× “* ** 4 Pursuant to its statutory authority, 15 U.S.C. § 1691b, the Federal Reserve Board (board) has promulgated regulations under ECOA.”

Moran Foods, Inc., Plaintiff-Appellant/cross-Appellee v. Mid-Atl. Mkt. Dev. Co., Llc, Defendants-Appellees/cross-Appellants, 476 F.3d 436 (7th Cir. 2007). “If a person is denied credit, or given credit but charged a higher interest rate, on some basis forbidden by the Act, the damages will usually be modest.”

Show all 57 citing cases →

— 15 U.S.C. § 1691b(a) — 25 cases

Germain v. M & T Bank Corp., 111 F. Supp. 3d 506 (S.D.N.Y. 2015). “July 8, 2011) (quoting 15 U.S.C. § 1691b(a)). An “applicant” for credit, in turn, is defined as “any person who applies to a creditor directly for an extension, renewal, or continuation of credit, or applies to a creditor indirectly by use of an existing credit plan for an…”

Regions Bank v. Legal Outsource PA, 936 F.3d 1184 (11th Cir. 2019). “See 15 U.S.C. § 1691b (1974). And the Federal Reserve Board promulgated Regulation B, which defines an applicant as “any person who requests or who has received an extension of credit from a creditor,” which includes “any person who is or may become contractually liable…”

Elodie Jochum, Wife Of/& Carmelo F. Pagano v. Pico Credit Corp. of Westbank, Inc., 730 F.2d 1041 (5th Cir. 1984). “2(c), prescribed by the Board of Governors of the Federal Reserve System, pursuant to authority legislatively conferred by the Act, 15 U.S.C. § 1691b(a). Before adverting to the facts and particular issues of this appeal, we discuss the statutory context in which they arise.”

SeTara Tyson v. Sterling Rental, 836 F.3d 571 (6th Cir. 2016). “See 15 U.S.C. § 1691b(a) (granting the CFPB authority to promulgate regulations “to carry out the [ECOA’s] purposes”).”

Tonja Treadway v. Gateway Chevrolet Oldsmobile Inc., 362 F.3d 971 (7th Cir. 2004).

— 15 U.S.C. § 1691b(a)(1) — 3 cases

Bank of the West v. Kline, 782 N.W.2d 453 (Iowa 2010). “15 U.S.C. § 1691b(a)(1). The regulations promulgated by the Board are codified in Regulation B.”

Bank Of The West, Successor-in-interest To Com. Fed. Bank Vs. Phyllis J. Kline & Christine Walters (Iowa 2010).

Moran Foods Inc v. Mid-Atl. Mkt. (7th Cir. 2007).

— 15 U.S.C. § 1691b(a)(3) — 1 case

Jenkins-Parks v. Portfolio Recovery Assocs. (W.D. Tenn. 2025).

— 15 U.S.C. § 1691b(a)(l) — 8 cases

Bank of the West v. Kline, 782 N.W.2d 453 (Iowa 2010). “15 U.S.C. § 1691b(a)(1). The regulations promulgated by the Board are codified in Regulation B.”

Diaz v. Paragon Motors of Woodside, Inc., 424 F. Supp. 2d 519 (E.D.N.Y 2006).

Diaz v. Virginia Hous. Dev. Auth., 117 F. Supp. 2d 500 (E.D. Va. 2000).

Portis v. River House Assocs., L.P., 498 F. Supp. 2d 746 (M.D. Penn. 2007).

— 15 U.S.C. § 1691b(b) — 1 case

Terry Klotz v. Celentano Stadtmauer & Wale, 991 F.3d 458 (3rd Cir. 2021). “” 15 U.S.C. § 1691b(b). The agency exercised this authority by exempting “incidental credit” from the § 202.”

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