(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 USC 1601 et seq.). Except as
otherwise provided herein, this regulation applies to all persons who are
creditors, as defined in section 202.2(l).
Information-collection requirements contained in this regulation have been
approved by the Office of Management and Budget under the provisions of 44
USC 3501 et seq. and have been assigned OMB No. 7100-0201.
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(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.
