[Code of Federal Regulations]
[Title 12, Volume 2, Parts 200 to 219]
[Revised as of January 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR202.1]

[Page 15-16]
 
                       TITLE 12--BANKS AND BANKING
 
                   CHAPTER II--FEDERAL RESERVE SYSTEM
 
PART 202--EQUAL CREDIT OPPORTUNITY (REGULATION B)--Table of Contents
 
Sec. 202.1  Authority, scope and purpose.

    (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 U.S.C. 1601 et seq.). Except as otherwise provided herein, 
the regulation applies to all persons who are creditors, as defined in 
Sec. 202.2(1). Information collection requirements contained in this 
regulation have been approved by the Office of Management and Budget 
under the provisions of 44 U.S.C. 3501 et seq. and have been assigned 
OMB control number 7100-0201.
    (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

[[Page 16]]

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.

[Reg. B, 50 FR 48026, Nov. 20, 1985, as amended at 58 FR 65661, Dec. 16, 
1993]