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Equal Credit Opportunity
Act
Regulation B - Equal Credit Opportunity
Section 202.1 - Authority, scope and purpose
Section 202.2 - Definitions
Section 202.3 - Limited exceptions for certain classes
of transactions
Section 202.4 - General rule prohibiting discrimination.
Section 202.5 - Rules concerning taking of applications.
Section 202.ba - Rules on providing appraisal reports.
Section 202.6 - Rules concerning evaluation of applications.
Section 202.7 - Rules concerning extensions of credit.
Section 202.8 - Special purpose credit programs.
Section 202.9 - Notifications.
Sec. 202.10 - Furnishing of credit information. Sec.
202.11 - Relation to state law.
Sec. 202.12 - Record retention.
Sec. 202.13 - Information for monitoring purposes.
Sec. 202.14 - Enforcement, penalties and liabilities.
Sec. 202.15 - Incentives for self-testing and self-correction.
Sec. 202.1 Authority, scope and purpose.
(a) Authority and scope. This regulation
is issued by the Board of Governors of the Federal Reserve System 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,
the regulation applies to all persons who are creditors, as defined in Sec.
202.2(1). Information collection requirements contained in this regulation
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 control number 7100-0201.
(b) Purpose. The purpose of this regulation
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.
Sec. 202.2 Definitions.
For the purposes of this regulation,
unless the context indicates otherwise, the following definitions
apply.
(a) Account means an extension
of credit. When employed in relation to an account, the word use
refers only to open-end credit.
(b) Act means the Equal Credit
Opportunity Act (title VII of the Consumer Credit Protection Act).
(c) Adverse action.
(1) The term means:
(i) A refusal to grant credit
in substantially the amount or on substantially the terms requested
in an application unless the creditor makes a counteroffer (to
grant credit in a different amount or on other terms) and the
applicant uses or expressly accepts the credit offered;
(ii) A termination of an account
or an unfavorable change in the terms of an account that does
not affect all or a substantial portion of a class of the creditor's
accounts; or
(iii) A refusal to increase
the amount of credit available to an applicant who has made an
application for an increase.
(2) The term does not include:
(i) A change in the terms of
an account expressly agreed to by an applicant.
(ii) Any action or forbearance
relating to an account taken in connection with inactivity, default,
or delinquency as to that accounnt;
(iii) A refusal or failure to
authorize an account transaction at a point of sale or loan, except
when the refusal is a termination or an unfavorable change in
the terms of an account that does not affect all or a substantial
portion of a class of the creditor's accounts, or when the refusal
is a denial of an application for an increase in the amount of
credit available under the account;
(iv) A refusal to extend credit
because applicable law prohibits the creditor from extending the
credit requested; or
(v) A refusal to extend credit
because the creditor does not offer the type of credit or credit
plan requested.
(3) An action that falls within
the definition of both paragraphs (c)(1) and (c)(2) of this section
is governed by paragraph (c)(2) of this section.
(d) Age refers only to the age
of natural persons and means the number of fully elapsed years
from the date of an applicant's birth.
(e) Applicant means any person
who requests or who has received an extension of credit from a
creditor, and includes any person who is or may become contractually
liable regarding an extension of credit. For purposes of Sec.
202.7(d), the term includes guarantors, sureties, endorsers and
similar parties.
(f) Application means an oral
or written request for an extension of credit that is made in
accordance with procedures established by a creditor for the type
of credit requested. The term does not include the use of an account
or line of credit to obtain an amount of credit that is within
a previously established credit limit. A completed application
means an application in connection with which a creditor has received
all the information that the creditor regularly obtains and considers
in evaluating applications for the amount and type of credit requested
(including, but not limited to, credit reports, any additional
information requested from the applicant, and any approvals or
reports by governmental agencies or other persons that are necessary
to guarantee, insure, or provide security for the credit or collateral).
The creditor shall exercise reasonable diligence in obtaining
such information.
(g) Business credit refers to
extensions of credit primarily for business or commercial (including
agricultural) purposes, but excluding extensions of credit of
the types described in Sec. 202.3 (a), (b), and (d).
(h) Consumer credit means credit
extended to a natural person primarily for personal, family, or
household purposes.
(i) Contractually liable means
expressly obligated to repay all debts arising on an account by
reason of an agreement to that effect.
(j) Credit means the right granted
by a creditor to an applicant to defer payment of a debt, incur
debt and defer its payment, or purchase property or services and
defer payment therefor.
(k) Credit card means any card,
plate, coupon book, or other single credit device that may be
used from time to time to obtain money, property, or services
on credit.
(l) Creditor means a person
who, in the ordinary course of business, regularly participates
in the decision of whether or not to extend credit. The term includes
a creditor's assignee, transferee, or subrogee who so participates.
For purposes of Secs. 202.4 and 202.5(a), the term also includes
a person who, in the ordinary course of business,regularly refers
applicants or prospective applicants to creditors, or selects
or offers to select creditors to whom requests for credit may
be made. A person is not a creditor regarding any violation of
the act or this regulation committed by another creditor unless
the person knew or had reasonable notice of the act, policy, or
practice that constituted the violation before becoming involved
in the credit transaction. The term does not include a person
whose only participation in a credit transaction involves honoring
a credit card.
(m) Credit transaction means
every aspect of an applicant's dealings with a creditor regarding
an application for credit or an existing extension of credit (including,
but not limited to, information requirements; investigation procedures;
standards of creditworthiness; terms of credit; furnishing of
credit information; revocation, alteration, or termination of
credit; and collection procedures).
(n) Discriminate against an
applicant means to treat an applicant less favorably than other
applicants.
(o) Elderly means age 62 or
older.
(p) Empirically derived and
other credit scoring systems--
(1) A credit scoring system
is a system that evaluates an applicant's creditworthiness mechanically,
based on key attributes of the applicant and aspects of the transaction,
and that determines, alone or in conjunction with an evaluation
of additional information about the applicant, whether an applicant
is deemed creditworthy. To qualify as an empirically derived,
demonstrably and statistically sound, credit scoring system, the
system must be:
(i) Based on data that are derived
from an empirical comparison of sample groups or the population
of creditworthy and noncreditworthy applicants who applied for
credit within a reasonable preceding period of time;
(ii) Developed for the purpose
of evaluating the creditworthiness of applicants with respect
to the legitimate business interests of the creditor utilizing
the system (including, but not limited to, minimizing bad debt
losses and operating expenses in accordance with the creditor's
business judgment);
(iii) Developed and validated
using accepted statistical principles and methodology; and
(iv) Periodically revalidated
by the use of appropriate statistical principles and methodology
and adjusted as necessary to maintain predictive ability.
(2) A creditor may use an empirically
derived, demonstrably and statistically sound, credit scoring
system obtained from another person or may obtain credit experience
from which to develop such a system. Any such system must satisfy
the criteria set forth in paragraphs (p)(1) (i) through (iv) of
this section; if the creditor is unable during the development
process to validate the system based on its own credit experience
in accordance with paragraph (p)(1) of this section, the system
must be validated when sufficient credit experience becomes available.
A system that fails this validity test is no longer an empirically
derived, demonstrably and statistically sound, credit scoring
system for that creditor.
(q) Extend credit and extension
of credit mean the granting of credit in any form (including,
but not limited to, credit granted in addition to any existing
credit or credit limit; credit granted pursuant to an open-end
credit plan; the refinancing or other renewal of credit, including
the issuance of a new credit card in place of an expiring credit
card or in substitution for an existing credit card; the consolidation
of two or more obligations; or the continuance of existing credit
without any special effort to collect at or after maturity).
(r) Good faith means honesty
in fact in the conduct or transaction.
(s) Inadvertent error means
a mechanical, electronic, or clerical error that a creditor demonstrates
was not intentional and occurred notwithstanding the maintenance
of procedures reasonably adapted to avoid such errors.
(t) Judgmental system of evaluating
applicants means any system for evaluating the creditworthiness
of an applicant other than an empirically derived, demonstrably
and statistically sound, credit scoring system.
(u) Marital status means the
state of being unmarried, married, or separated, as defined by
applicable state law. The term unmarried includes persons who
are single, divorced, or widowed.
(v) Negative factor or value,
in relation to the age of elderly applicants, means utilizing
a factor, value, or weight that is less favorable regarding elderly
applicants than the creditor's experience warrants or is less
favorable than the factor, value, or weight assigned to the class
of applicants that are not classified as elderly and are most
favored by a creditor on the basis of age.
(w) Open-end credit means credit
extended under a plan under which a creditor may permit an applicant
to make purchases or obtain loans from time to time directly from
the creditor or indirectly by use of a credit card, check, or
other device.
(x) Person means a natural person,
corporation, government or governmental subdivision or agency,
trust, estate, partnership, cooperative, or association.
(y) Pertinent element of creditworthiness,
in relation to a judgmental system of evaluating applicants, means
any information about applicants that a creditor obtains and considers
and that has a demonstrable relationship to a determination of
creditworthiness.
(z) Prohibited basis means race,
color, religion, national origin, sex, marital status, or age
(provided that the applicant has the capacity to enter into a
binding contract); the fact that all or part of the applicant's
income derives from any public assistance program; or the fact
that the applicant has in good faith exercised any right under
the Consumer Credit Protection Act or any state law upon which
an exemption has been granted by the Board.
(aa) State means any State,
the District of Columbia, the Commonwealth of Puerto Rico, or
any territory or possession of the United States.
Sec. 202.3 Limited exceptions for certain
classes of transactions
(a) Public utilities credit--
(1) Definition. Public utilities
credit refers to extensions of credit that involve public utility
services provided through pipe, wire, or other connected facilities,
or radio or similar transmission (including extensions of such
facilities), if the charges for service, delayed payment, and
any discount for prompt payment are filed with or regulated by
a government unit.
(2) Exceptions. The following
provisions of this regulation do not apply to public utilities
credit:
(i) Section 202.5(d)(1) concerning
information about marital status;
(ii) Section 202.10 relating
to furnishing of credit information; and
(iii) Section 202.12(b) relating
to record retention.
(b) Securities credit--
(1) Definition. Securities credit
refers to extensions of credit subject to regulation under section
7 of the Securities Exchange Act of 1934 or extensions of credit
by a broker or dealer subject to regulation as a broker or dealer
under the Securities Exchange Act of 1934.
(2) Exceptions. The following
provisions of this regulation do not apply to securities credit:
(i) Section 202.5(c) concerning
information about a spouse or former spouse;
(ii) Section 202.5(d)(1) concerning
information about marital status;
(iii) Section 202.5(d)(3) concerning
information about the sex of an applicant;
(iv) Section 202.7(b) relating
to designation of name, but only to the extent necessary to prevent
violation of rules regarding an account in which a broker or dealer
has an interest, or rules necessitating the aggregation of accounts
of spouses for the purpose of determining controlling interests,
beneficial interests, beneficial ownership, or purchase limitations
and restrictions;
(v) Section 202.7(c) relating
to action concerning open-end accounts, but only to the extent
the action taken is on the basis of a change of name or marital
status;
(vi) Section 202.7(d) relating
to the signature of a spouse or other person;
(vii) Section 202.10 relating
to furnishing of credit information; and
(viii) Section 202.12(b) relating
to record retention.
(c) Incidental credit.
(1) Definition. Incidental credit
refers to extensions of consumer credit other than credit of the
types described in paragraphs (a) and (b) of this section:
(i) That are not made pursuant
to the terms of a credit card account;
(ii) That are not subject to
a finance charge (as defined in Regulation Z, 12 CFR 226.4); and
(iii) That are not payable by
agreement in more than four installments.
(2) Exceptions. The following
provisions of this regulation do not apply to incidental credit:
(i) Section 202.5(c) concerning
information about a spouse or former spouse;
(ii) Section 202.5(d)(1) concerning
information about marital status;
(iii) Section 202.5(d)(2) concerning
information about income derived from alimony, child support,
or separate maintenance payments;
(iv) Section 202.5(d)(3) concerning
information about the sex of an applicant, but only to the extent
necessary for medical records or similar purposes;
(v) Section 202.7(d) relating
to the signature of a spouse or other person;
(vi) Section 202.9 relating
to notifications;
(vii) Section 202.10 relating
to furnishing of credit information; and
(viii) Section 202.12(b) relating
to record retention.
(d) Government credit--
(1) Definition. Government credit refers
to extensions of credit made to governments or governmental subdivisions,
agencies, or instrumentalities.
(2) Applicability of regulation.
Except for Sec. 202.4, the general rule prohibiting discrimination
on a prohibited basis, the requirements of this regulation do
not apply to government credit.
Sec. 202.4 General rule prohibiting discrimination.
A creditor shall not discriminate
against an applicant on a prohibited basis regarding any aspect
of a credit transaction.
Sec. 202.5 Rules concerning taking of applications.
(a) Discouraging applications.
A creditor shall not make any oral or written statement, in advertising
or otherwise, to applicants or prospective applicants that would
discourage on a prohibited basis a reasonable person from making
or pursuing an application.
(b) General rules concerning
requests for information.
(1) Except as provided in paragraphs
(c) and (d) of this section, a creditor may request any information
in connection with an application.
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(2) Required collection of information.
Notwithstanding paragraphs (c) and (d) of this section, a creditor
shall request information for monitoring purposes as required
by Sec. 202.13 for credit secured by the applicant's dwelling.
In addition, a creditor may obtain information required by a regulation,
order, or agreement issued by, or entered into with, a court or
an enforcement agency (including the Attorney General of the United
States or a similar state official) to monitor or enforce compliance
with the act, this regulation, or other federal or state statute
or regulation.
(3) Special purpose credit.
A creditor may obtain information that is otherwise restricted
to determine eligibility for a special purpose credit program,
as provided in Sec. 202.8 (c) and (d).
(c) Information about a spouse
or former spouse.
(1) Except as permitted in this
paragraph, a creditor may not request any information concerning
the spouse or former spouse of an applicant.
(2) Permissible inquiries. A
creditor may request any information concerning an applicant's
spouse (or former spouse under paragraph (c)(2)(v) of this section
that may be requested about the applicant if:
(i) The spouse will be permitted
to use the account;
(ii) The spouse will be contractually
liable on the account;
(iii) The applicant is relying
on the spouse's income as a basis for repayment of the credit
requested;
(iv) The applicant resides in
a community property state or property on which the applicant
is relying as a basis for repayment of the credit requested is
located in such a state; or
(v) The applicant is relying
on alimony, child support, or separate maintenance payments from
a spouse or former spouse as a basis for repayment of the credit
requested.
(3) Other accounts of the applicant.
A creditor may request an applicant to list any account upon which
the applicant is liable and to provide the name and address in
which the account is carried. A creditor may also ask the names
in which an applicant has previously received credit.
(d) Other limitations on information
requests--
(1) Marital status. If an applicant
applies for individual unsecured credit, a creditor shall not
inquire about the applicant's marital status unless the applicant
resides in a community property state or is relying on property
located in such a state as a basis for repayment of the credit
requested. If an application is for other than individual unsecured
credit, a creditor may inquire about the applicant's marital status,
but shall use only the terms married, unmarried, and separated.
A creditor may explain that the category unmarried includes single,
divorced, and widowed persons.
(2) Disclosure about income
from alimony, child support, or separate maintenance. A creditor
shall not inquire whether income stated in an application is derived
from alimony, child support, or separate maintenance payments
unless the creditor discloses to the applicant that such income
need not be revealed if the applicant does not want the creditor
to consider it in determining the applicant's creditworthiness.
(3) Sex. A creditor shall not
inquire about the sex of an applicant. An applicant may be requested
to designate a title on an application form (such as Ms., Miss,
Mr., or Mrs.) if the form discloses that the designation of a
title is optional. An application form shall otherwise use only
terms that are neutral as to sex.
(4) Childbearing, childrearing.
A creditor shall not inquire about birth control practices, intentions
concerning the bearing or rearing of children, or capability to
bear children. A creditor may inquire about the number and ages
of an applicant's dependents or about dependent-related financial
obligations or expenditures, provided such information is requested
without regard to sex, marital status, or any other prohibited
basis.
(5) Race, color, religion,
national origin. A creditor shall not inquire about the race,
color, religion, or national origin of an applicant or any other
person in connection with a credit transaction. A creditor may
inquire about an applicant's permanent residence and immigration
status.
(e) Written applications. A
creditor shall take written applications for the types of credit
covered by Sec. 202.13(a), but need not take written applications
for other types of credit.
Sec. 202.5a Rules on providing appraisal
reports.
(a) Providing appraisals. A
creditor shall provide a copy of the appraisal report used in
connection with an application for credit that is to be secured
by a lien on a dwelling. A creditor shall comply with either paragraph
(a)(1) or (a)(2) of this section.
(1) Routine delivery. A creditor
may routinely provide a copy of the appraisal report to an applicant
(whether credit is granted or denied or the application is withdrawn).
(2) Upon request. A creditor
that does not routinely provide appraisal reports shall provide
a copy upon an applicant's written request.
(i) Notice. A creditor that
provides appraisal reports only upon request shall notify an applicant
in writing of the right to receive a copy of an appraisal report.
The notice may be given at any time during the application process
but no later than when the creditor provides notice of action
taken under Sec. 202.9 of this part. The notice shall specify
that the applicant's request must be in writing, give the creditor's
mailing address, and state the time for making the request as
provided in paragraph (a)(2)(ii) of this section.
(ii) Delivery. A creditor shall
mail or deliver a copy of the appraisal report promptly (generally
within 30 days) after the creditor receives an applicant's request,
receives the report, or receives reimbursement from the applicant
for the report, whichever is last to occur. A creditor need not
provide a copy when the applicant's request is received more than
90 days after the creditor has provided notice of action taken
on the application under Sec. 202.9 of this part or 90 days after
the application is withdrawn.
(b) Credit unions. A creditor
that is subject to the regulations of the National Credit Union
Administration on making copies of appraisals available is not
subject to this section.
(c) Definitions. For purposes
of paragraph (a) of this section, the term dwelling means a residential
structure that contains one to four units whether or not that
structure is attached to real property. The term includes, but
is not limited to, an individual condominium or cooperative unit,
and a mobile or other manufactured home. The term appraisal report
means the document(s) relied upon by a creditor in evaluating
the value of the dwelling.
Sec. 202.6 Rules concerning evaluation
of applications.
(a) General rule concerning
use of information. Except as otherwise provided in the Act and
this regulation, a creditor may consider any information obtained,
so long as the information is not used to discriminate against
an applicant on a prohibited basis.
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(b) Specific rules concerning
use of information.
(1) Except as provided in the
act and this regulation, a creditor shall not take a prohibited
basis into account in any system of evaluating the creditworthiness
of applicants.
(2) Age, receipt of public assistance.
(i) Except as permitted in this
paragraph (b)(2), a creditor shall not take into account an applicant's
age (provided that the applicant has the capacity to enter into
a binding contract) or whether an applicant's income derives from
any public assistance program.
(ii) In an empirically derived,
demonstrably and statistically sound, credit scoring system, a
creditor may use an applicant's age as a predictive variable,
provided that the age of an elderly applicant is not assigned
a negative factor or value.
(iii) In a judgmental system
of evaluating creditworthiness, a creditor may consider an applicant's
age or whether an applicant's income derives from any public assistance
program only for the purpose of determining a pertinent element
of creditworthiness.
(iv) In any system of evaluating
creditworthiness, a creditor may consider the age of an elderly
applicant when such age is used to favor the elderly applicant
in extending credit.
(3) Childbearing, childrearing.
In evaluating creditworthiness, a creditor shall not use assumptions
or aggregate statistics relating to the likelihood that any group
of persons will bear or rear children or will, for that reason,
receive diminished or interrupted income in the future.
(4) Telephone listing. A creditor
shall not take into account whether there is a telephone listing
in the name of an applicant for consumer credit, but may take
into account whether there is a telephone in the applicant's residence.
(5) Income. A creditor shall
not discount or exclude from consideration the income of an applicant
or the spouse of an applicant because of a prohibited basis or
because the income is derived from part-time employment or is
an annuity, pension, or other retirement benefit; a creditor may
consider the amount and probable continuance of any income in
evaluating an applicant's creditworthiness. When an applicant
relies on alimony, child support, or separate maintenance payments
in applying for credit, the creditor shall consider such payments
as income to the extent that they are likely to be consistently
made.
(6) Credit history. To the
extent that a creditor considers credit history in evaluating
the creditworthiness of similarly qualified applicants for a similar
type and amount of credit, in evaluating an applicant's creditworthiness
a creditor shall consider:
(i) The credit history, when
available, of accounts designated as accounts that the applicant
and the applicant's spouse are permitted to use or for which both
are contractually liable;
(ii) On the applicant's request,
any information the applicant may present that tends to indicate
that the credit history being considered by the creditor does
not accurately reflect the applicant's creditworthiness; and
(iii) On the applicant's request,
the credit history, when available, of any account reported in
the name of the applicant's spouse or former spouse that the applicant
can demonstrate accurately reflects the applicant's creditworthiness.
(7) Immigration status. A creditor
may consider whether an applicant is a permanent resident of the
United States, the applicant's immigration status, and any additional
information that may be necessary to ascertain the creditor's
rights and remedies regarding repayment.
(c) State property laws. A
creditor's consideration or application of state property laws
directly or indirectly affecting creditworthiness does not constitute
unlawful discrimination for the purposes of the Act or this regulation.
Sec. 202.7 Rules concerning extensions
of credit.
(a) Individual accounts. A creditor
shall not refuse to grant an individual account to a creditworthy
applicant on the basis of sex, marital status, or any other prohibited
basis.
(b) Designation of name. A creditor
shall not refuse to allow an applicant to open or maintain an
account in a birth-given first name and a surname that is the
applicant's birth-given surname, the spouse's surname, or a combined
surname.
(c) Action concerning existing
open-end accounts--
(1) Limitations. In the absence
of evidence of the applicant's inability or unwillingness to repay,
a creditor shall not take any of the following actions regarding
an applicant who is contractually liable on an existing open-end
account on the basis of the applicant's reaching a certain age
or retiring or on the basis of a change in the applicant's name
or marital status:
(i) Require a reapplication,
except as provided in paragraph (c)(2) of this section;
(ii) Change the terms of the
account; or
(iii) Terminate the account.
(2) Requiring reapplication.
A creditor may require a reapplication for an open-end account
on the basis of a change in the marital status of an applicant
who is contractually liable if the credit granted was based in
whole or in part on income of the applicant's spouse and if information
available to the creditor indicates that the applicant's income
may not support the amount of credit currently available.
(d) Signature of spouse or other
person--
(1) Rule for qualified applicant.
Except as provided in this paragraph, a creditor shall not require
the signature of an applicant's spouse or other person, other
than a joint applicant, on any credit instrument if the applicant
qualifies under the creditor's standards of creditworthiness for
the amount and terms of the credit requested.
(2) Unsecured credit. If an
applicant requests unsecured credit and relies in part upon property
that the applicant owns jointly with another person to satisfy
the creditor's standards of creditworthiness, the creditor may
require the signature of the other person only on the instrument(s)
necessary, or reasonably believed by the creditor to be necessary,
under the law of the state in which the property is located, to
enable the creditor to reach the property being relied upon in
the event of the death or default of the applicant.
(3) Unsecured credit--community
property states. If a married applicant requests unsecured credit
and resides in a community property state, or if the property
upon which the applicant is relying is located in such a state,
a creditor may require the signature of the spouse on any instrument
necessary, or reasonably believed by the creditor to be necessary,
under applicable state law to make the community property available
to satisfy the debt in the event of default if:
(i) Applicable state law denies
the applicant power to manage or control sufficient community
property to qualify for the amount of credit requested under the
creditor's standards of creditworthiness; and
(ii) The applicant does not
have sufficient separate property to qualify for the amount of
credit requested without regard to community property.
(4) Secured credit. If an applicant
requests secured credit, a creditor may require the signature
of the applicant's spouse or other person on any instrument necessary,
or reasonably believed by the creditor to be necessary, under
applicable state law to make the property being offered as security
available to satisfy the debt in the event of default, for example,
an instrument to create a valid lien, pass clear title, waive
inchoate rights or assign earnings.
(5) Additional parties. If,
under a creditor's standards of creditworthiness, the personal
liability of an additional party is necessary to support the extension
of the credit requested, a creditor may request a cosigner, guarantor,
or the like. The applicant's spouse may serve as an additional
party, but the creditor shall not require that the spouse be the
additional party.
(6) Rights of additional parties.
A creditor shall not impose requirements upon an additional party
that the creditor is prohibited from imposing upon an applicant
under this section.
(e) Insurance. A creditor shall
not refuse to extend credit and shall not terminate an account
because credit life, health, accident, disability, or other credit-related
insurance is not available on the basis of the applicant's age.
Sec. 202.8 Special purpose credit
programs.
(a) Standards for programs.
Subject to the provisions of paragraph (b) of this section, the
act and this regulation permit a creditor to extend special purpose
credit to applicants who meet eligibility requirements under the
following types of credit programs:
(1) Any credit assistance program
expressly authorized by federal or state law for the benefit of
an economically disadvantaged class of persons;
(2) Any credit assistance program
offered by a not-for-profit organization, as defined under section
501(c) of the Internal Revenue Code of 1954, as amended, for the
benefit of its members or for the benefit of an economically disadvantaged
class of persons; or
(3) Any special purpose credit
program offered by a for-profit organization or in which such
an organization participates to meet special social needs, if:
(i) The program is established
and administered pursuant to a written plan that identifies the
class of persons that the program is designed to benefit and sets
forth the procedures and standards for extending credit pursuant
to the program; and
(ii) The program
is established and administered to extend credit to a class of
persons who, under the organization's customary standards of creditworthiness,
probably would not receive such credit or would receive it on
less favorable terms than are ordinarily available to other applicants
applying to the organization for a similar type and amount of
credit.
(b) Rules in other sections.
(1) General applicability. All
of the provisions of this regulation apply to each of the special
purpose credit programs described in paragraph (a) of this section
unless modified by this section.
(2) Common characteristics.
A program described in paragraph (a)(2) or (a)(3) of this section
qualifies as a special purpose credit program only if it was established
and is administered so as not to discriminate against an applicant
on any prohibited basis; however, all program participants may
be required to share one or more common characteristics (for example,
race, national origin, or sex) so long as the program was not
established and is not administered with the purpose of evading
the requirements of the act or this regulation.
(c) Special rule concerning
requests and use of information. If participants in a special
purpose credit program described in paragraph (a) of this section
are required to possess one or more common characteristics (for
example, race, national origin, or sex) and if the program otherwise
satisfies the requirements of paragraph (a) of this section, a
creditor may request and consider information regarding the common
characteristic(s) in determining the applicant's eligibility for
the program.
(d) Special rule in the case
of financial need. If financial need is one of the criteria under
a special purpose program described in paragraph (a) of this section,
the creditor may request and consider, in determining an applicant's
eligibility for the program, information regarding the applicant's
martial status; alimony, child support, and separate maintenance
income; and the spouse's financial resources. In addition, a creditor
may obtain the signature of an applicant's spouse or other person
on an application or credit instrument relating to a special purpose
program if the signature is required by Federal or State law.
Sec. 202.9 Notifications.
(a) Notification of action taken,
ECOA notice, and statement of specific reasons--
(1) When notification is required.
A creditor shall notify an applicant of action taken within:
(i) 30 days after receiving
a completed application concerning the creditor's approval of,
counteroffer to, or adverse action on the application;
(ii) 30 days after taking adverse
action on an incomplete application, unless notice is provided
in accordance with paragraph (c) of this section;
(iii) 30 days after taking adverse
action on an existing account; or
(iv) 90 days after notifying
the applicant of a counteroffer if the applicant does not expressly
accept or use the credit offered.
(2) Content of notification
when adverse action is taken. A notification given to an applicant
when adverse action is taken shall be in writing and shall contain:
a statement of the action taken; the name and address of the creditor;
a statement of the provisions of section 701(a) of the Act; the
name and address of the Federal agency that administers compliance
with respect to the creditor; and either:
(i) A statement of specific
reasons for the action taken; or
(ii) A disclosure of the applicant's
right to a statement of specific reasons within 30 days, if the
statement is requested within 60 days of the creditor's notification.
The disclosure shall include the name, address, and telephone
number of the person or office from which the statement of reasons
can be obtained. If the creditor chooses to provide the reasons
orally, the creditor shall also disclose the applicant's right
to have them confirmed in writing within 30 days of receiving
a written request for confirmation from the applicant.
(3) Notification to business
credit applicants. For business credit, a creditor shall comply
with the requirements of this paragraph in the following manner:
(i) With regard to a business
that had gross revenues of $1,000,000 or less in its preceding
fiscal year (other than an extension of trade credit, credit incident
to a factoring agreement, or other similar types of business credit),
a creditor shall comply with paragraphs (a) (1) and (2) of this
section, except that:
(A) The statement of the action
taken may be given orally or in writing, when adverse action is
taken;
(B) Disclosure of an applicant's
right to a statement of reasons may be given at the time of application,
instead of when adverse action is taken, provided the disclosure
is in a form the applicant may retain and contains the information
required by paragraph (a)(2)(ii) of this section and the ECOA
notice specified in paragraph (b)(1) of this section;
(C) For an application made
solely by telephone, a creditor satisfies the requirements of
this paragraph by an oral statement of the action taken and of
the applicant's right to a statement of reasons for adverse action.
(ii) With regard to a business
that had gross revenues in excess of $1,000,000 in its preceding
fiscal year or an extension of trade credit, credit incident to
a factoring agreement, or other similar types of business credit,
a creditor shall:
(A) Notify the applicant, orally
or in writing, within a reasonable time of the action taken; and
(B) Provide a written statement
of the reasons for adverse action and the ECOA notice specified
in paragraph (b)(1) of this section if the applicant makes a written
request for the reasons within 60 days of being notified of the
adverse action.
(b) Form of ECOA notice and
statement of specific reasons--
(1) ECOA notice. To satisfy
the disclosure requirements of paragraph (a)(2) of this section
regarding section 701(a) of the Act, the creditor shall provide
a notice that is substantially similar to the following: The Federal
Equal Credit Opportunity Act prohibits creditors from discriminating
against credit applicants on the basis of race, color, religion,
national origin, sex, marital status, age (provided the applicant
has the capacity to enter into a binding contract); because all
or part of the applicant's income derives from any public assistance
program; or because the applicant has in good faith exercised
any right under the Consumer Credit Protection Act. The Federal
agency that administers compliance with this law concerning this
creditor is (name and address as specified by the appropriate
agency listed in appendix A of this regulation).
(2) Statement of specific reasons.
The statement of reasons for adverse action required by paragraph
(a)(2)(i) of this section must be specific and indicate the principal
reason(s) for the adverse action. Statements that the adverse
action was based on the creditor's internal standards or policies
or that the applicant failed to achieve the qualifying score on
the creditor's credit scoring system are insufficient.
(c) Incomplete applications--
(1) Notice alternatives. Within
30 days after receiving application that is incomplete regarding
matters that an applicant can complete, the creditor shall notify
the applicant either:
(i) Of action taken, in accordance
with paragraph (a) of this section; or
(ii) Of the incompleteness,
in accordance with paragraph (c)(2) of this section.
(2) Notice of incompleteness.
If additional information is needed from an applicant, the creditor
shall send a written notice to the applicant specifying the information
eeded, designating a reasonable period of time for the applicant
to provide the information, and informing the applicant that failure
to provide the information requested will result in no further
consideration being given to the application. The creditor shall
have no further obligation under this section if the applicant
fails to respond within the designated time period. If the applicant
supplies the requested information within the designated time
period, the creditor shall take action on the application and
notify the applicant in accordance with paragraph (a) of this
section.
(3) Oral request for information.
At its option, a creditor may inform the applicant orally of the
need for additional information; but if the application remains
incomplete the creditor shall send a notice in accordance with
paragraph (c)(1) of this section.
(d) Oral notifications by small-volume
creditors. The requirements of this section (including statements
of specific reasons) are satisified by oral notifications in the
case of any creditor that did not receive more than 150 applications
during the preceding calendar year.
(e) Withdrawal of approved application.
When an applicant submits an application and the parties contemplate
that the applicant will inquire about its status, if the creditor
approves the application and the applicant has not inquired within
30 days after applying, the creditor may treat the application
as withdrawn and need not comply with paragraph (a)(1) of this
section.
(f) Multiple applicants. When
an application involves more than one applicant, notification
need only be given to one of them, but must be given to the primary
applicant where one is readily apparent.
(g) Applications submitted through
a third party. When an application is made on behalf of an applicant
to more than one creditor and the applicant expressly accepts
or uses credit offered by one of the creditors, notification of
action taken by any of the other creditors is not required. If
no credit is offered or if the applicant does not expressly accept
or use any credit offered, each creditor taking adverse action
must comply with this section, directly or through a third party.
A notice given by a third party shall disclose the identify of
each creditor on whose behalf the notice is given.
Sec. 202.10 Furnishing of credit
information.
(a) Designation of accounts.
A creditor tht furnishes credit information shall designate:
(1) Any new account to reflect
the participation of both spouses if the applicant's spouse is
permitted to use or is contractually liable on the account (other
than as a guarantor, surety, endorser, or similar party); and
(2) Any existing account to
reflect such participation, within 90 days after receiving a written
request to do so from one of the spouses.
(b) Routine reports to consumer
reporting agency. If a creditor furnishes credit information to
a consumer reporting agency concerning an account designated to
reflect the participation of both spouses, the creditor shall
furnish the information in a manner that will enable the agency
to provide access to the information in the name of each spouse.
(c) Reporting in response to
inquiry. If a creditor furnishes credit information in response
to an inquiry concerning an account designated to reflect the
participation of both spouses, the creditor shall furnish the
information in the name of the spouse about whom the information
is requested.
Sec. 202.11 Relation to state law.
(a) Inconsistent state laws.
Except as otherwise provided in this section, this regulation
alters, affects, or preempts only those state laws that are inconsistent
with the act and this regulation and then only to the extent of
the inconsistency. A state law is not inconsistent if it is more
protective of an applicant.
(b) Preempted provisions of
state law.
(1) A state law is deemed to
be inconsistent with the requirements of the Act and this regulation
and less protective of an applicant within the meaning of section
705(f) of the Act to the extent that the law:
(i) Requires or permits a practice
or act prohibited by the Act or this regulation;
(ii) Prohibits the individual
extension of consumer credit to both parties to a marriage if
each spouse individually and voluntarily applies for such credit;
(iii) Prohibits inquiries or
collection of data required to comply with the act or this regulation;
(iv) Prohibits asking or considering
age in an empirically derived, demonstrably and statistically
sound, credit scoring system to determine a pertinent element
of creditworthiness, or to favor an elderly applicant; or
(v) Prohibits inquiries necessary
to establish or administer as special purpose credit program as
defined by Sec. 202.8.
(2) A creditor, state, or other
interested party may request the Board to determine whether a
state law is inconsistent with the requirements of the Act and
this regulation.
(c) Laws on finance charges,
loan ceilings. If married applicants voluntarily apply for and
obtained individual accounts with the same creditor, the accounts
shall not be aggregated or otherwise combined for purposes of
determining permissible finance charges or loan ceilings under
any federal or state law. Permissible loan ceiling laws shall
be construed to permit each spouse to become individually liable
up to the amount of the loan ceilings, less the amount for which
the applicant is jointly liable.
(d) State and Federal laws not
affected. This section does not alter or annul any provision of
state property laws, laws relating to the disposition of decedents'
estates, or Federal or state banking regulations directed only
toward insuring the solvency of financial institutions.
(e) Exemption for state-regulated
transactions--
(1) Applications. A state may
apply to the Board for an exemption from the requirements of the
Act and this regulation for any class of credit transactions within
the state. The Board will grant such an exemption if the Board
determines that:
(i) The class of credit transactions
is subject to state law requirements substantially similar to
the Act and this regulation or that applicants are afforded greater
protection under state law; and
(ii) There is adequate provision
for state enforcement.
(2) Liability and enforcement.
(i) No exemption will extend to the civil liability provisions
of section 706 or the administrative enforcement provisions of
section 704 of the Act.
(ii) After an exemption has
been granted, the requirements of the applicable state law (except
for additional requirements not imposed by Federal law) will constitute
the requirements of the Act and this regulation.
Sec. 202.12 Record retention.
(a) Retention of prohibited
information. A creditor may retain in its files information that
is prohibited by the Act or this regulation in evaluating applications,
without violating the Act or this regulation, if the information
was obtained:
(1) From any source prior to
March 23, 1977;
(2) From consumer reporting
agencies, an applicant, or others without the specific request
of the creditor; or
(3) As required to monitor compliance
with the Act and this regulation or other Federal or state statutes
or regulations.
(b) Preservation of records--
(1) Applications. For 25 months
(12 months for business credit) after the date that a creditor
notifies an applicant of action taken on an application or of
incompleteness, the creditor shall retain in original form or
a copy thereof:
(i) Any application that it
receives, any information required to be obtained concerning characteristics
of the applicant to monitor compliance with the Act and this regulation
or other similar law, and any other written or recorded information
used in evaluating the application and not returned to the applicant
at the applicant's request;
(ii) A copy of the following
documents if furnished to the applicant in written form (or, if
furnished orally, any notation or memorandum made by the creditor):
(A) The notification of action
taken; and
(B) The statement of specific
reasons for adverse action; and
(iii) Any written statement
submitted by the applicant alleging a violation of the Act or
this regulation.
(2) Existing accounts. For 25
months (12 months for business credit) after the date that a creditor
notifies an applicant of adverse action regarding an existing
account, the creditor shall retain as to that account, in original
form or a copy thereof:
(i) Any written or recorded
information concerning the adverse action; and
(ii) Any written statement submitted
by the applicant alleging a violation of the act or this regulation.
(3) Other applications. For
25 months (12 months for business credit) after the date that
a creditor receives an application for which the creditor is not
required to comply with the notification requirements of Sec.
202.9, the creditor shall retain all written or recorded information
in its possession concerning the applicant, including any notation
of action taken.
(4) Enforcement proceedings
and investigations. A creditor shall retain the information specified
in this section beyond 25 months (12 months for business credit)
if it has actual notice that it is under investigation or is subject
to an enforcement proceeding for an alleged violation of the act
or this regulation by the Attorney General of the United States
or by an enforcement agency charged with monitoring that creditor's
compliance with the act and this regulation, or if it has been
served with notice of an action filed pursuant to section 706
of the Act and Sec. 202.14 of this regulation. The creditor shall
retain the information until final disposition of the matter,
unless an earlier time is allowed by order of the agency or court.
(5) Special rule for certain
business credit applications. With regard to a business with gross
revenues in excess of $1,000,000 in its preceding fiscal year,
or an extension of trade credit, credit incident to a factoring
agreement or other similar types of business credit, the creditor
shall retain records for at least 60 days after notifying the
applicant of the action taken. If within that time period the
applicant requests in writing the reasons for adverse action or
that records be retained, the creditor shall retain records for
12 months.
(6)Self-tests. For 25 months
after a self-test (as defined in § 202.15) has been completed,
the creditor shall retain all written or recorded information
about the self-test. A creditor shall retain information beyond
25 months if it has actual notice that it is under investigation
or is subject to an enforcement proceeding for an alleged violation,
or if it has been served with notice of a civil action. In such
cases, the creditor shall retain the information until final disposition
of the matter, unless an earlier time is allowed by the appropriate
agency or court order.
Sec. 202.13 Information for monitoring
purposes.
(a) Information to be requested.
A creditor that receives an application for credit primarily for
the purchase or refinancing of a dwelling occupied or to be occupied
by the applicant as a principal residence, where the extension
of credit will be secured by the dwelling, shall request as part
of the application the following information regarding the applicant(s):
(1) Race or national origin,
using the categories American Indian or Alaskan Native; Asian
or Pacific Islander; Black; White; Hispanic; Other (Specify);
(2) Sex;
(3) Marital status, using the
categories married, unmarried, and separated; and
(4) Age.
Dwelling means a residential structure that contains one to four
units, whether or not that structure is attached to real property.
The term includes, but is not limited to, an individual condominium
or cooperative unit, and a mobile or other manufactured home.
(b) Obtaining of information.
Questions regarding race or national origin, sex, marital status,
and age may be listed, at the creditor's option, on the application
form or on a separate form that refers to the application. The
applicant(s) shall be asked but not required to supply the requested
information. If the applicant(s) chooses not to provide the information
or any part of it, that fact shall be noted on the form. The creditor
shall then also note on the form, to the extent possible, the
race or national origin and sex of the applicant(s) on the basis
of visual observation or surname.
(c) Disclosure to applicant(s).
The creditor shall inform the applicant(s) that the information
regarding race or national origin, sex, marital status, and age
is being requested by the Federal government for the purpose of
monitoring compliance with Federal statutes that prohibit creditors
from discriminating against appliants on those bases. The creditor
shall also inform the applicant(s) that if the applicant(s) chooses
note to provide the information, the creditor is required to note
the race or national origin and sex on the basis of visual observation
or surname.
(d) Substitute monitoring program.
A monitoring program required by an agency charged with administrative
enforcement under section 704 of the Act may be substituted for
the requirements contained in paragraphs (a), (b), and (c).
Sec. 202.14 Enforcement, penalties
and liabilities.
(a) Administrative enforcement.
(1) As set forth more fully
in section 704 of the Act, administrative enforcement of the Act
and this regulation regarding certain creditors is assigned to
the Comptroller of the Currency, Board of Governors of the Federal
Reserve System, Board of Directors of the Federal Deposit Insurance
Corporation, Office of Thrift Supervision, National Credit Union
Administration, Interstate Commerce Commission, Secretary of Agriculture,
Farm Credit Administration, Securities and Exchange Commission,
Small Business Administration, and Secretary of Transportation.
(2) Except to the extent that
administrative enforcement is specifically assigned to other authorities,
compliance with the requirements imposed under the act and this
regulation is enforced by the Federal Trade Commission.
(b) Penalties and liabilities.
(1) Sections 706 (a) and (b) and 702(g) of the Act provide that
any creditor that fails to comply with a requirement imposed by
the Act or this regulation is subject to civil liability for actual
and punitive damages in individual or class actions. Pursuant
to sections 704 (b), (c), and (d) and 702(g) of the Act, violations
of the Act or regulations also constitute violations of other
Federal laws. Liability for punitive damages is restricted to
nongovernmental entities and is limited to $10,000 in individual
actions and the lesser of $500,000 or 1 percent of the creditor's
net worth in class actions. Section 706(c) provides for equitable
and declaratory relief and section 706(d) authorizes the awarding
of costs and reasonable attorney's fees to an aggrieved applicant
in a successful action.
(2) As provided in section 706(f),
a civil action under the Act or this regulation may be brought
in the appropriate United States district court without regard
to the amount in controversy or in any other court of competent
jurisdiction within two years after the date of the occurrence
of the violation, or within one year after the commencement of
an administrative enforcement proceeding or of a civil action
brought by the Attorney General of the United States within two
years after the alleged violation.
(3) If an agency responsible
for administrative enforcement is unable to obtain compliance
with the act or this part, it may refer the matter to the Attorney
General of the United States. In addition, if the Board, the Comptroller
of the Currency, the Federal Deposit Insurance Corporation, the
Office of Thrift Supervision, or the National Credit Union Administration
has reason to believe that one or more creditors engaged in a
pattern or practice of discouraging or denying applications in
violation of the act or this part, the agency shall refer the
matter to the Attorney General. Furthermore, the agency may refer
a matter to the Attorney General if the agency has reason to believe
that one or more creditors violated section 701(a) of the act.
(4) On referral, or whenever
the Attorney General has reason to believe that one or more creditors
engaged in a pattern or practice in violation of the act or this
regulation, the Attorney General may bring a civil action for
such relief as may be appropriate, including actual and punitive
damages and injunctive relief.
(5) If the Board, the Comptroller
of the Currency, the Federal Deposit Insurance Corporation, the
Office of Thrift Supervision, or the National Credit Union Administration
has reason to believe (as a result of a consumer complaint, conducting
a consumer compliance examination, or otherwise) that a violation
of the act or this part has occurred which is also a violation
of the Fair Housing Act, and the matter is not referred to the
Attorney General, the agency shall notify:
(i) The Secretary of Housing
and Urban Development; and
(ii) The applicant that the
Secretary of Housing and Urban Development has been notified and
that remedies for the violation may be available under the Fair
Housing Act.
(c) Failure of compliance. A
creditor's failure to comply with Secs. 202.6(b)(6), 202.9, 202.10,
202.12 or 202.13 is not a violation if it results from an inadvertent
error. On discovering an error under Secs. 202.9 and 202.10, the
creditor shall correct it as soon as possible. If a creditor inadvertently
obtains the monitoring information regarding the race or national
origin and sex of the applicant in a dwelling-related transaction
not overed by Sec. 202.13, the creditor may act on and retain
the application without violating the regulation.
Sec. 202.15 - Incentives for self-testing
and self-correction.
  (a) General rules-(1) Voluntary self-testing
and correction. The report or results of the self-test that a
creditor voluntarily conducts (or authorizes) are privileged as
provided in this section. Data collection required by law or by
any governmental authority is not a voluntary self-test.
  (2) Corrective action required. The privilege
in this section applies only if the creditor has taken or is taking
appropriate corrective action.
  (3) Other privileges. The privilege created
by this section does not preclude the assertion of any other privilege
that may also apply.
  (b) Self-test defined-(1) Definition.
A self-test is any program, practice, or study that:
  (i) Is designed and used specifically
to determine the extent or effectiveness of a creditor's compliance
with the act or this regulation; and
  (ii) Creates data or factual information
that is not available and cannot be derived from loan or application
files or other records related to credit transactions.
  (2) Types of information privileged. The
privilege under this section applies to the report or results
of the self-test, data or factual information created by the self-test,
and any analysis, opinions, and conclusions pertaining to the
self-test report or results. The privilege covers workpapers or
draft documents as well as final documents.
  (3) Types of information not privileged.
The privilege under this section does not apply to:
  (i) Information about whether a creditor
conducted a self-test, the methodology used or the scope of the
self-test, the time period covered by the self-test, or the dates
it was conducted; or
  (ii) Loan and application files or other
business records related to credit transactions, and information
derived from such files and records, even if it has been aggregated,
summarized, or reorganized to facilitate analysis.
  (c) Appropriate corrective action-(1)
General requirement. For the privilege in this section to apply,
appropriate corrective action is required when the self-test shows
that it is more likely than not that a violation occurred, even
though no violation has been formally adjudicated.
  (2) Determining the scope of appropriate
corrective action. A creditor must take corrective action that
is reasonably likely to remedy the cause and effect of a likely
violation by:
  (i) Identifying the policies or practices
that are the likely cause of the violation; and
  (ii) Assessing the extent and scope of
any violation.
  (3) Types of relief. Appropriate corrective
action may include both prospective and remedial relief, except
that to establish a privilege under this section:
  (i) A creditor is not required to provide
remedial relief to a tester used in a self-test;
  (ii) A creditor is only required to provide
remedial relief to an applicant identified by the self-test as
one whose rights were more likely than not violated; and
  (iii) A creditor is not required to provide
remedial relief to a particular applicant if the statute of limitations
applicable to the violation expired before the creditor obtained
the results of the self-test or the applicant is otherwise ineligible
for such relief.
(4) No admission of violation. Taking corrective action is not
an admission that a violation occurred.
  (d)(1) Scope of privilege. The report
or results of a privileged self-test may not be obtained or used:
  (i) By a government agency in any examination
or investigation relating to compliance with the act or this regulation;
or
  (ii) By a government agency or an applicant
(including a prospective applicant who alleges a violation of
§ 202.5(a)) in any proceeding or civil action in which a violation
of the act or this regulation is alleged.
  (2) Loss of privilege. The report or results
of a self-test are not privileged under paragraph (d)(1) of this
section if the creditor or a person with lawful access to the
report or results):
  (i) Voluntarily discloses any part of
the report or results, or any other information privileged under
this section, to an applicant or government agency or to the public;
  (ii) Discloses any part of the report
or results, or any other information privileged under this section,
as a defense to charges that the creditor has violated the act
or regulation; or
  (iii) Fails or is unable to produce written
or recorded information about the self-test that is required to
be retained under § 202.12(b)(6) when the information is needed
to determine whether the privilege applies. This paragraph does
not limit any other penalty or remedy that may be available for
a violation of § 202.12.
  (3) Limited use of privileged information.
Notwithstanding paragraph (d)(1) of this section, the self-test
report or results and any other information privileged under this
section may be obtained and used by an applicant or government
agency solely to determine a penalty or remedy after a violation
of the act or this regulation has been adjudicated or admitted.
Disclosures for this limited purpose may be used only for the
particular proceeding in which the adjudication or admission was
made. Information disclosed under this paragraph (d)(3) remains
privileged under paragraph (d)(1) of this section.
Federal Reseverve Official
Staff Interpretations Of The Equal Credit Opportunity Act
Credit And Banking Laws Directory
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