Regulation B - Equal Credit Opportunity
December 31, 1997
Circular No. 11011
Privilege for Information Developed by Creditors Through Voluntary "Self-Tests" for ECOA Compliance
Effective January 30, 1998

To All Depository Institutions and Others Concerned in the Second Federal Reserve District:

The following is from a statement by the Board of Governors of the Federal Reserve System:

The Federal Reserve Board has announced publication of revised regulations under the Equal Credit Opportunity Act, Regulation B, to implement legislation creating a legal privilege for the results of "self-tests" that creditors voluntarily conduct to determine the level of their compliance with the Act. The Department of Housing and Urban Development is issuing a substantially similar regulation under the Fair Housing Act.

The revisions are effective January 30, 1998.

The self-testing privilege applies only if the creditor takes appropriate corrective action to address possible discrimination found in the self-test.

A copy of the amendment to Regulation B, as published in the Federal Register of December 18 is available as a file (pdf - 72kb).