Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation B

Equal Credit Opportunity Act (ECOA) was enacted in 1974 and is implemented by the Consumer Financial Protection Bureau (CFPB) Regulation B for institutions the Board supervises. The 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 U.S.C. 1600 et seq.)). Since 2011, the CFPB has been responsible for issuing ECOA regulations that apply to institutions the Board supervises. However, the Board continues to be responsible under the Paperwork Reduction Act (PRA) for renewing every three years the information collections mandated by the regulation for institutions supervised by the Board. The Board accounts for the paperwork burden associated with Regulation B only for institutions for which the Board has enforcement authority under ECOA.

The latest form for Recordkeeping and Disclosure Requirements Associated with CFPB's Regulation B expires 2021-07-31 and can be found here.

Recordkeeping Section 1002.12 Record retention for applications, actions, and prescreened solicitations

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