For immediate release

The Federal Reserve Board today announced publication of revised regulations under the Equal Credit Opportunity Act, Regulation B, to implement legislation creating a legal privilege for the results of "self-tests" that creditors voluntarily conduct to determine the level of their compliance with the Act. The Department of Housing and Urban Development is issuing a substantially similar regulation under the Fair Housing Act. The revisions are effective January 30, 1998. The self-testing privilege applies only if the creditor takes appropriate corrective action to address possible discrimination found in the self-test.

Summary only | Summary and proposed rule (69 KB PDF)

1997 Banking and consumer regulatory policy