Regulation B is a regulation issued by the Consumer Financial Protection Bureau (CFPB) under the Equal Credit Opportunity Act (ECOA) that prohibits lenders from discriminating against credit applicants on the basis of certain prohibited factors, such as race, color, religion, national origin, sex, marital status, age, or the receipt of public assistance.The purpose of Regulation B is to ensure that credit is available to all creditworthy individuals and that credit applicants are treated fairly and equally, regardless of their personal characteristics or circumstances. Under Regulation B, lenders are required to provide credit applicants with information about the action taken on their credit application, including the reasons for any adverse action.Regulation B applies to a wide range of credit transactions, including consumer loans, mortgages, and credit cards. It requires lenders to maintain and make available to the public certain records related to their credit practices, such as credit application forms, credit reports, and other documents. It also imposes certain requirements on credit reporting agencies, such as the obligation to furnish credit reports upon request and to correct any errors that are discovered.
