Under the Equal Credit Opportunity Act (ECOA) and Regulation B, lenders must provide a statement of specific and accurate reasons when taking adverse action against an applicant and cannot simply use CFPB sample adverse action forms if those forms do not reflect the actual reason for the denial of credit.

Authors

• Person: Not available Organization: Consumer Financial Protection Bureau
  Fair Lending Report of the Consumer Financial Protection Bureau

Sources

• Fair Lending Report of the Consumer Financial Protection Bureau www.federalregister.gov Consumer Financial Protection Bureau via serper

Referenced by nodes (2)

• Equal Credit Opportunity Act concept
• Regulation B concept