District Circular Letters
August 17, 1999
REGULATION B:
PROPOSED REVISIONS TO REGULATION B AND
OFFICIAL STAFF COMMENTARY
To Member and Nonmember Banks,
Bank Holding Companies, and Others Concerned
in the Twelfth Federal Reserve District
Request for Comment on Proposed Revisions to Regulation B (Docket
R-1008)
The Federal Reserve Board has published proposed revisions to Regulation
B, which implements the Equal Credit Opportunity Act. The Equal Credit Opportunity
Act makes it unlawful for creditors to discriminate against an applicant
on the basis of race, color, religion, national origin, marital status,
sex, age, and other specified bases.
Comment to the Board is requested by November 10, 1999.
The proposed revisions would
- remove the general prohibition against creditors noting characteristics
such as race, sex, and national origin of applicants for nonmortgage
credit, thereby permitting the voluntary collection of such information;
- require creditors to retain certain records for preapproved credit
solicitations; and
- expand from twelve to twenty-five months the record retention period
for most business credit applications.
The Board also is proposing revisions to the official staff commentary
on Regulation B.
Although the Board is proposing amendments only to certain sections, the
entire text of the regulation and official staff commentary are being republished
to assist the public in reviewing the changes.
Copies
Copies of the Board's notice (Docket
R-1008) are available from our Corporate Services Department.
To request copies to be sent via mail, please call (415) 974-2748.
Additional Information
For additional information regarding Regulation B, please contact Mr. Gregory
Imm, Consumer Compliance Liaison, at (415) 974-2953, or
Ms. Christiane Price, Consumer Compliance Liaison, at (415) 974-2955,
both of our Banking Supervision and Regulation Department.
FEDERAL RESERVE BANK OF SAN FRANCISCO
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