These regulations, known as Regulation B, provide the substantive and procedural framework for fair lending.īecause the Department's authority to prosecute matters extends only to those instances of a pattern or practice of discrimination on a prohibited basis, individuals who believe that they are the victims of unfair discrimination in a credit transaction should contact the appropriate regulatory agency. The Board of Governors of the Federal Reserve System has issue regulations under ECOA. Each year, the Department files a report with Congress on its activities under the statute.
ECOA requires these agencies to refer matters to the Justice Department when there is reason to believe that a creditor is engaged in a pattern or practice of discrimination which violates ECOA. Other federal agencies have general regulatory authority over certain types of lenders and they monitor creditors for their compliance with ECOA. Individuals who believe that they have been the victims of any unfair credit transaction involving residential property may file a complaint with the Department of Housing and Urban Development or may file their own lawsuit. In cases involving discrimination in home mortgage loans or home improvement loans, the Department may file suit under both the Fair Housing Act and ECOA. The Department of Justice may file a lawsuit under ECOA where there is a pattern or practice of discrimination. prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program. The Equal Credit Opportunity Act, 15 U.S.C.
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