|For immediate release|
The Federal Reserve Board on Wednesday announced it is publishing a final rule amending Regulation B, which implements the Equal Credit Opportunity Act. The Board approved the final rule at its meeting on February 19, 2003.
The ECOA prohibits discrimination on the basis of a credit applicant's national origin, marital status, religion, color, sex, race, age, receipt of public assistance benefits, or the exercise of rights under the Consumer Credit Protection Act. Among other things, the final rule addresses the collection of applicants' personal characteristics in connection with nonmortgage credit and record retention for prescreened solicitations.
The final rule amending Regulation B is effective April 15, 2003. However, to allow time for any necessary operational changes, the mandatory compliance date is April 15, 2004.
The rule will be published in the Federal Register shortly.
The Board's notice is attached.
2003 Banking and consumer regulatory policy