The purpose of ECOA 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) because all or part of the applicant’s income derives from any public assistance program or, because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. This amendment to Regulation B also requires creditors to notify applicants in writing that copies of all appraisals will be provided to them promptly. In January 2013, CFPB amended Regulation B to reflect the Dodd-Frank Act amendments requiring creditors to provide applicants with free copies of all appraisals and other written valuations developed in connection with all credit applications to be secured by a first lien on a dwelling. If you find ECOA violations at a FISCU and you feel the State Supervisory Authority is not properly addressing the issue, contact your supervisor. NCUA is not the primary enforcement authority for ECOA in federally-insured, state-chartered credit unions (FISCUs). NCUA continues to have authority to enforce ECOA for federally chartered credit unions under its supervision with $10 billion or less in assets. The Dodd-Frank Act granted rule-making authority under ECOA to the CFPB and, with respect to entities within its jurisdiction with over $10 billion in assets, granted authority to the CFPB to supervise for and enforce compliance with ECOA and its implementing regulation. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) transferred this authority to the Consumer Financial Protection Bureau (CFPB or Bureau). When originally enacted, ECOA gave the Federal Reserve Board responsibility for prescribing the implementing regulation. ), applies to all creditors, including credit unions. , which is implemented by Regulation B ( 12 CFR Part 1002 (opens new window) (You will be leaving and accessing a non-NCUA website. The Equal Credit Opportunity Act (ECOA), 15 U.S.C.
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