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Compliance Companion®
Standard Procedures Manuals (SPM)
 

Equal Credit Opportunity Act & Regulation B and Fair Credit Reporting Act March 2023


Part One of this Manual includes a comprehensive discussion of the Equal Credit Opportunity Act and Regulation B, reflecting current regulatory developments, as well as recent court decisions and regulatory guidance and enforcement actions. Part Two provides an in-depth discussion of the federal Fair Credit Reporting Act and the related regulations, as well as California’s Consumer Credit Reporting Agencies Act.


Part One discusses Regulation B’s compliance requirements, including:

  • Rules governing information requests and requirements regarding applications
  • Evaluating applications and the characteristics creditors can and cannot consider
  • Reg B’s signature rule and the exceptions
  • Adverse action notices for both consumer and commercial loans
  • ECOA’s valuation rule (appraisal availability notice) and the related California appraisal notice disclosure requirements
  • California’s property ownership rules, including community property issues, and the consequences in the event of a borrower’s death or default
  • Fair lending statutes and regulations, interagency fair lending exam procedures, and the federal regulatory agencies’ current enforcement efforts
  • Collecting government monitoring information in connection with mortgage loans
  • Penalties and liabilities under ECOA and Regulation B
  • Special purpose credit programs
  • Electronic delivery of Reg B disclosures

Part Two examines the Fair Credit Reporting Act, including:

  • The circumstances under which a creditor may obtain a consumer report on a consumer in the context of applications for credit, including individuals who guarantee business loans and non-applicant spouses
  • FCRA adverse action notices
  • Credit score disclosures
  • Identity theft provisions, including red flags, changes of address and address discrepancies
  • Risk-based pricing notices
  • Duties of persons who furnish consumer information to consumer reporting agencies (including the direct and indirect dispute requirements)
  • Prohibition against obtaining and using medical information in the credit-granting process and the permissible exceptions
  • Information sharing with affiliates
  • Prescreening rules and disclosures
  • California Consumer Credit Reporting Agencies Act
  • Violations, penalties and enforcement

The text of this Manual is 441 pages, plus 63 pages of appendixes.

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Compliance Companion

Compliance Companion® is a one-stop regulatory compliance resource for financial institutions. This online compilation of 19 industry-leading compliance manuals, including this SPM #06, Equal Credit Opportunity Act & Regulation B and Fair Credit Reporting Act, takes the legalese out of federal and California laws and regulations, making it easier to understand and keep up with ongoing compliance developments.

Published by Aldrich & Bonnefin, PLC, Compliance Companion® has many useful features including search capabilities, links to internal cross-references and web-based sources, as well as samples of dozens of forms, disclosures and notices.

This compliance resource can also be accessed from your mobile device, making it faster and easier to get the latest information on federal and California laws and regulations governing financial institutions.

For information regarding online subscriptions to Compliance Companion®, contact info@bankerscompliancegroup.com or call 949-553-0909.

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SPM 6
* Janet Bonnefin is retired from the practice of law with the firm.
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