Consumer Financial Protection Bureau ↔ Regulation B

Relations (1)

cross_type 3.81 — strongly supporting 7 facts

The Consumer Financial Protection Bureau is the regulatory body responsible for implementing, enforcing, and providing guidance on Regulation B, as evidenced by its role in amending the regulation [1], monitoring compliance [2], [3], [4], and citing institutions for violations of its requirements [5], [6].

Facts (7)

Sources

Fair Lending Report of the Consumer Financial Protection Bureau federalregister.gov Consumer Financial Protection Bureau 7 facts

claimThe National Credit Union Administration (NCUA) and the Consumer Financial Protection Bureau (CFPB) reported violations of 12 CFR 1002.4 and 1002.7(d)(1) regarding discrimination on a prohibited basis and improper signature requirements in 2023.

claimThe Consumer Financial Protection Bureau (CFPB) reported violations of 12 CFR 1002.6(b)(2) and (5) in 2023, which concern the improper evaluation of age and receipt of public assistance in a credit transaction.

measurementIn 2023, federal agencies and the Consumer Financial Protection Bureau collectively reported citing 189 institutions for violations of the Equal Credit Opportunity Act (ECOA) and/or Regulation B.

claimThe Consumer Financial Protection Bureau's 30th edition of 'Supervisory Highlights' reported that mortgage lenders violated the Equal Credit Opportunity Act (ECOA) and Regulation B by discriminating in the granting of pricing exceptions based on race, national origin, sex, and age.

claimOn June 5, 2023, the CFPB published a document affirming that the Equal Credit Opportunity Act (ECOA) and Regulation B apply to franchisees seeking credit to finance their businesses.

claimThe Consumer Financial Protection Bureau assesses whether lenders comply with the adverse action notice requirements of the Equal Credit Opportunity Act (ECOA) and Regulation B, and whether lenders maintain policies that unlawfully exclude property based on geography, exclude certain types of income, or treat criminal history in an unlawful manner.

claimThe Consumer Financial Protection Bureau (CFPB) provides informal staff guidance to financial institutions and service providers regarding statutes and rules it implements, such as the Equal Credit Opportunity Act (ECOA), Regulation B, the Home Mortgage Disclosure Act (HMDA), and Regulation C, via its Regulation Inquiries platform.