Equal Credit Opportunity Act (ECOA)
was enacted in 1974 and is implemented by Regulation B. ECOA
prohibits discrimination in any aspect of a credit transaction
because of race, color, religion, national origin, sex, marital
status, age (provided the applicant has the capacity to contract),
or other specified bases (receipt of public assistance, or the fact
that the applicant has in good faith exercised any right under the
Consumer Credit Protection Act (15 USC 1600 et seq.)). To aid in
implementation of this prohibition, the statute and regulation
subject creditors to various mandatory disclosure requirements,
notification provisions informing applicants of action taken on the
credit application, 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 statute and regulation. There are no
required reporting forms associated with the Consumer Financial
Protection Bureau's Regulation B. To ease the burden and cost of
compliance (particularly for small entities), Regulation B provides
model disclosure forms.
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.
Reg B_20141218_83c.pdf
Notifications (1002.9)