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Today is: May 26, 2018  
 

Compliance Companion®
Standard Procedures Manuals (SPM)
 

Equal Credit Opportunity & Regulation B and Fair Credit Reporting Act      September 2017


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 lawsuits and regulatory enforcement actions. Part Two of the Manual provides an in-depth discussion of the federal Fair Credit Reporting Act and the related regulations.


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

  • Rules governing information requests
  • Evaluating applications
  • Reg B’s signature rule and the exceptions
  • Adverse action notices
  • Appraisal rule and the related California appraisal 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 issues and the federal regulatory agencies’ current enforcement efforts
  • Electronic delivery of Reg B disclosures
  • Penalties and liabilities under ECOA and Regulation B

Part Two discusses the Fair Credit Reporting Act, including:

  • The circumstances under which a creditor may obtain a consumer report on a consumer, including individuals who guarantee business loans
  • 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
  • Violations, penalties and enforcement
  • Prohibition against obtaining and using medical information in the credit-granting process and the permissible exceptions
  • Information sharing with affiliates
  • Prescreening rules

This text of this Manual is 469 pages, plus 60 pages of appendices.

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