Source: http://www.law.cornell.edu/cfr/text/12/part-202/appendix-SupplementI?quicktabs_7=1
Timestamp: 2014-09-16 23:10:28
Document Index: 779090897

Matched Legal Cases: ['art 202', 'art 202', 'art 202', 'art 202', 'art 202', 'art 202', 'art 226']

12 CFR Part 202, Supplement I to Part 202 - Official Staff Interpretations | LII / Legal Information Institute
CFR › Title 12 › Chapter II › Subchapter A › Part 202 › Appendix SupplementI 12 CFR Part 202, Supplement I to Part 202 - Official Staff Interpretations
Following is an official staff interpretation of Regulation B (12 CFR part 202) issued under authority delegated by the Federal Reserve Board to officials in the Division of Consumer and Community Affairs. References are to sections of the regulation or the Equal Credit Opportunity Act (15 U.S.C. 1601
1. Official status.Section 706(e) of the Equal Credit Opportunity Act protects a creditor from civil liability for any act done or omitted in good faith in conformity with an interpretation issued by a duly authorized official of the Federal Reserve Board. This commentary is the means by which the Division of Consumer and Community Affairs of the Federal Reserve Board issues official staff interpretations of Regulation B. Good-faith compliance with this commentary affords a creditor protection under section 706(e) of the Act.
1. Scope. The Equal Credit Opportunity Act and Regulation B apply to all credit—commercial as well as personal—without regard to the nature or type of the credit or the creditor. If a transaction provides for the deferral of the payment of a debt, it is credit covered by Regulation B even though it may not be a credit transaction covered by Regulation Z (Truth in Lending) (12 CFR part 226). Further, the definition of creditor is not restricted to the party or person to whom the obligation is initially payable, as is the case under Regulation Z. Moreover, the Act and regulation apply to all methods of credit evaluation, whether performed judgmentally or by use of a credit scoring system.