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NCJRS Abstract

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NCJ Number: 65814 Find in a Library
Title: FEDERAL RESERVE SYSTEM - BOARD OF GOVERNORS - THE EQUAL CREDIT OPPORTUNITY ACT - ANNUAL REPORT TO THE CONGRESS FOR THE YEAR 1979
Author(s): ANON
Corporate Author: US Federal Reserve System
Board of Governors
United States of America
Date Published: 1980
Page Count: 20
Sponsoring Agency: National Institute of Justice/
Rockville, MD 20849
US Federal Reserve System
Washington, DC 20551
Sale Source: National Institute of Justice/
NCJRS paper reproduction
Box 6000, Dept F
Rockville, MD 20849
United States of America
Document: PDF
Type: Report (Annual/Periodic)
Language: English
Country: United States of America
Annotation: THIS ANNUAL REPORT DISCUSSES ENFORCEMENT OF THE EQUAL OPPORTUNITY CREDIT ACT (EOCA) AND REGULATION B BY THE FEDERAL RESERVE SYSTEM AND OTHER AGENCIES, AS WELL AS THE ACTIVITIES OF THE CONSUMER ADVISORY COUNCIL.
Abstract: IN 1979 THE FEDERAL RESERVE BOARD SOUGHT TO IMPROVE COMPLIANCE OF STATE MEMBER BANKS WITH CONSUMER PROTECTION LAWS BY HIRING ADDITIONAL CONSUMER AFFAIRS AND CIVIL RIGHTS EXAMINERS, INCREASING EXAMINER TRAINING, AND DISTRIBUTING CENSUS DATA TO FAMILIARIZE EXAMINERS WITH COMMITTEES SERVED BY MEMBER BANKS. THE FEDERAL RESERVE COMPLIANCE HANDBOOK WAS PUBLISHED, WHICH CONTAINED NEW PROCEDURES TO HELP EXAMINERS DETECT CREDIT DISCRIMINATION. ABOUT 77 PERCENT OF THE BANKS EXAMINED IN 1979 DID NOT COMPLY WITH REGULATION B, COMPARED TO 78 PERCENT IN 1978. SINCE IMPROVED EXAMINATION TECHNIQUES PROBABLY RESULTED IN MORE VIOLATIONS BEING DISCOVERED, ACTUAL COMPLIANCE MAY HAVE IMPROVED MORE THAN THESE FIGURES INDICATE. THE BOARD ALSO INVESTIGATED 51 COMPLAINTS ALLEGING ILLEGAL CREDIT DISCRIMINATION. OTHER FEDERAL AGENCIES WITH ENFORCEMENT RESPONSIBILITIES REPORTED THAT COMPLIANCE HAD IMPROVED GENERALLY IN 1979. SUMMARIES OF THESE OTHER AGENCIES' EXAMINATIONS ARE PROVIDED: THE FEDERAL TRADE COMMISSION (FTC), NATIONAL CREDIT UNION ADMINISTRATION, FEDERAL DEPOSIT INSURANCE CORPORATION, FEDERAL HOME LOAN BANK BOARD, OFFICE OF THE COMPTROLLER OF THE CURRENCY, THE SMALL BUSINESS ADMINISTRATION, SECURITIES AND EXCHANGE COMMISSION, THE CIVIL AERONAUTICS BOARD, INTERSTATE COMMERCE COMMISSION, FARM CREDIT ADMINISTRATION, AND THE DEPARTMENT OF AGRICULTURE (USDA). THE CONSUMER CREDIT COUNCIL LISTS THE PRACTICES OF CREDITORS WHO USE A CREDIT-SCORING SYSTEM THAT SHOULD BE AFFECTED BY THE ANTI-DISCRIMINATION RULES OF REGULATION B. THE BOARD OF GOVERNORS' AMENDMENT TO REGULATION B IS PROVIDED, AS ARE USDA'S RECOMMENDATIONS REGARDING HANDICAPPED PERSONS AND INFORMATION REGARDING THE FEDERAL RESERVE SYSTEM'S EDUCATION MATERIALS ON THE RIGHTS OF CONSUMERS AND CREDITORS UNDER ECOA. (MJM)
Index Term(s): Consumer protection; Consumer protection laws; Discrimination; Equal Credit Opportunity Act; Federal government; Regulations compliance
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http://www.ncjrs.gov/App/publications/abstract.aspx?ID=65814

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