Search Results for keywords:"Equal Credit Opportunity Act"

Found 3 results

Search Results: keywords:"Equal Credit Opportunity Act"

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  • 2020-28596 — Equal Credit Opportunity (Regulation B); Special Purpose Credit Programs
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    Type:Rule
    Citation:86 FR 3762
    Reading Time:about 25 minutes

    The Bureau of Consumer Financial Protection has issued an Advisory Opinion to clarify rules under Regulation B of the Equal Credit Opportunity Act regarding special purpose credit programs. This opinion provides guidance to for-profit organizations on how to develop credit programs that serve specific social needs and explains what information must be included in programs' written plans. It aims to address regulatory uncertainties and encourage financial institutions to create programs that improve credit access for disadvantaged groups. The Advisory Opinion became effective on January 15, 2021.

    Simple Explanation

    The government made a rule to help companies create special loans for people who really need them, like people who usually have a hard time getting money from banks. This rule tells companies what they need to do if they want to make these special money programs to help more people.

  • 2020-28452 — Removal of Transferred Office of Thrift Supervision (OTS) Regulations Regarding Nondiscrimination Requirements
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    Type:Rule
    Citation:86 FR 8082
    Reading Time:about 43 minutes

    The FDIC has issued a final rule to simplify its regulations by rescinding outdated and redundant policies regarding nondiscrimination. It is removing a regulation known as "Nondiscrimination Requirements" and updating the "Fair Housing" regulation to also cover State savings associations. This change ensures all FDIC-supervised banks follow the same nondiscrimination rules, aligning with federal laws like the Equal Credit Opportunity Act and Fair Housing Act. The rule will take effect on March 5, 2021, with additional compliance deadlines set for February 3, 2022.

    Simple Explanation

    The FDIC is making some old rules about not being unfair disappear and changing the rules around fair housing so they apply to more banks, making sure everyone follows the same rules about treating people fairly when they want loans or a place to live.

  • 2021-01116 — Statement Regarding the Provision of Financial Products and Services to Consumers With Limited English Proficiency
    Type:Notice
    Citation:86 FR 6306
    Reading Time:about 48 minutes

    The Bureau of Consumer Financial Protection issued a statement to encourage financial institutions to better serve consumers who have limited English proficiency. This statement offers guidelines to help these institutions comply with existing laws like the Dodd-Frank Act and the Equal Credit Opportunity Act while expanding their services to non-English speakers. The Bureau emphasizes the importance of providing access to financial products and ensuring fairness and compliance without engaging in deception or discrimination. Approximately 67.8 million people in the U.S. speak a language other than English at home, highlighting the need for financial services that are accessible in multiple languages.

    Simple Explanation

    The government wants banks to help people who don't speak English well by making it easier for them to use money services in other languages. They're sharing ideas to follow the law, so everything is fair and without trickery.