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Financial Institution Letters


Equal Credit Opportunity Act and Fair Credit Reporting Act

FIL-73-97
July 22, 1997

 

TO: CHIEF EXECUTIVE OFFICER AND COMPLIANCE OFFICER
SUBJECT: Federal Reserve Board Seeks Comment on Proposed Revisions to Regulation B

The Board of Governors of the Federal Reserve System (FRB) has proposed a rule to revise the model adverse action forms contained in Appendix C of Regulation B, which implements the Equal Credit Opportunity Act. The proposed revisions would carry out changes to the Fair Credit Reporting Act adopted by Congress on September 30, 1996. Those changes require that additional information be disclosed to consumers about facts obtained from a credit report when adverse action is taken on a credit account or credit application.

The attached Federal Register notice contains the proposed rule, which is open for comment through August 15, 1997. Comments should be sent to:

    Mr. William W. Wiles
    Secretary
    Board of Governors of the Federal Reserve System
    20th Street and Constitution Avenue, N.W.
    Washington, D.C. 20051

For further information, contact FRB staff members Jane Jensen Gell, Senior Attorney, or Sheilah A. Goodman, Staff Attorney, of the Division of Consumer and Community Affairs on (202) 452-3667.


Carmen J. Sullivan
Director

Attachment

Distribution: FDIC-Supervised Banks (Commercial and Savings)

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