Equal Credit Opportunity
August 19, 1999
Circular No. 11177

Proposed Revisions of Regulation B and its Official Staff Commentary

To the Chief Executive Officers of all Depository Institutions 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 published proposed revisions to Regulation B, which implements the Equal Credit Opportunity Act. Comments are 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 non-mortgage credit.
  • expand from 12 to 25 months the record retention period for most business credit applications.

The Board also is proposing revisions to the official staff commentary on Regulation B.

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.

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.

Part II of the Federal Register of August 16, containing the text of the Board's proposal, is available as a PDF file (pdf - 1009kb). Comments should be sent to the Board, as specified in the enclosure, by November 10, 1999. Questions may be directed, at this Bank, to Janice A. Oser, Examining Officer, Compliance Examinations Department.