The Equal Credit Opportunity Act and
Regulation B prohibit discrimination in any aspect of a credit
transaction because of race, color, religion, national origin, sex,
marital status, age, or other speci¬fied bases. To aid in
implementation of this prohibition, the statute and regulation also
subject creditors to various mandatory disclosure requirements,
notification provisions, credit history reporting, monitoring
rules, and recordkeeping requirements. These requirements are
triggered by specific events and disclosures must be provided
within the time periods established by the Act and regulation.
There are no required reporting forms associated with Regulation B.
To ease the burden and cost of complying with Regulation B
(particularly for small entities), the Federal Reserve provides
model forms, which are appended to the regulation.
US Code:
15
USC 1691 Name of Law: Equal Credit Opportunity Act
The decrease in total annual
burden hours is a attributed to a decrease in the number of
respondents and an adjustment to the estimated annual frequency and
average time per response.
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
RegB_201012_83c.pdf
Notifications (202.9)