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The part of the law that defines its authority and scope is known as Regulation B, [3] from the (b) that appears in Title 12 part 1002's official identifier: 12 C.F.R. § 1002.1(b) (2017). [4] Failure to comply with Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions.
The Equal Credit Opportunity Act (ECOA) of 1974, implemented by Regulation B, requires creditors which regularly extend credit to customers—including banks, retailers, finance companies, and bank-card companies—to evaluate candidates on creditworthiness alone, rather than other factors such as race, color, religion, national origin, or sex ...
The Fair Credit Billing Act (FCBA) is a United States federal law passed during the 93rd United States Congress and enacted on October 28, 1974 as an amendment to the Truth in Lending Act (codified at 15 U.S.C. § 1601 et seq.) and as the third title of the same bill signed into law by President Gerald Ford that also enacted the Equal Credit Opportunity Act.
It is also referred to as Regulation CC or Reg CC, after the Federal Reserve regulation that implements the act. The law is codified in Title 12, Chapter 41 of the US Code and Title 12, Part 229 of the Code of Federal Regulations [1] .
The obligations are relieved if there is an "economic, technical or organisational" reason for the cessation of employment (Regulation 7(1)(b)), or alteration to employees terms and conditions (Regulation 4(4)(b)). This does not apply to transfers which go merely through the sale of a company's shares (a "share sale").
How Does Regulation E Protects Consumers? The main function of Regulation E is to protect consumers against financial losses stemming from unauthorized transactions. Reg E gives you the right to ...
The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions". [2]
(A) IN GENERAL.—If a foreign bank acquires a bank or a branch of a bank, in a State in which the foreign bank does not maintain a branch, and such acquired bank is, or is part of, a regulated financial institution (as defined in section 803 of the Community Reinvestment Act of 1977), the Community Reinvestment Act of 1977 shall continue to ...