12 CFR 1002.1 - Authority, scope and purpose.

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§ 1002.1 Authority, scope and purpose.

(a)Authority and scope. This part, known as Regulation B, is issued by the Bureau of Consumer Financial Protection (Bureau) pursuant to title VII (

Equal Credit Opportunity Act
) of the
Consumer Credit Protection Act
, as amended ( 15 U.S.C. 1601et seq.). Except as otherwise provided herein, this part applies to all persons who are creditors, as defined in § 1002.2(l), other than a person excluded from coverage of this part by section 1029 of the
Consumer Financial Protection Act of 2010
, title X of the
Dodd-Frank Wall Street Reform and Consumer Protection Act
, Public Law 111-203, 124 Stat. 1376. Information collection requirements contained in this part have been approved by the
Office of Management and Budget
under the provisions of 44 U.S.C. 3501et seq. and have been assigned OMB No. 3170-0013.

(b)Purpose. The purpose of this part is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant's income derives from a public assistance program; or to the fact that the applicant has in good faith exercised any right under the

Consumer Credit Protection Act
. The regulation prohibits creditor practices that discriminate on the basis of any of these factors. The regulation also requires creditors to notify applicants of action taken on their applications; to report credit history in the names of both spouses on an account; to retain records of credit applications; to collect information about the applicant's race and other personal characteristics in applications for certain dwelling-related loans; and to provide applicants with copies of appraisal reports used in connection with credit transactions.

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.

United States Code