If the applicant supplies the requested information within the designated time period, the creditor shall take action on the application and notify the applicant in accordance with paragraph (a) of this section.
This web site is designed for the current versions of Until January 1, 2013, a creditor may comply with this paragraph (b)(1) and paragraph (a)(2) of this section by including in the notice the name and address as specified by the appropriate agency in appendix A to 12 CFR part 202, as in effect on October 1, 2011.
(g) Applications submitted through a third party. result, it may not include the most recent changes applied to the CFR. (2) Notice of incompleteness.
76 FR 79445, Dec. 21, 2011, unless otherwise noted. Subscribe to: Changes in Title 12 :: Chapter X :: Part 1002 :: Section 1002.9. (d) Oral notifications by small-volume creditors. You can When an applicant submits an application and the parties contemplate that the applicant will inquire about its status, if the creditor approves the application and the applicant has not inquired within 30 days after applying, the creditor may treat the application as withdrawn and need not comply with paragraph (a)(1) of this section. (3) Notification to business credit applicants. Use the navigation links in the gray bar above to view the table of contents that this content belongs to. If the application remains incomplete the creditor shall send a notice in accordance with paragraph (c)(1) of this section. The Electronic Code of Federal Regulations (eCFR) is a continuously updated online version of the CFR. To satisfy the disclosure requirements of paragraph (a)(2) of this section regarding section 701(a) of the Act, the creditor shall provide a notice that is substantially similar to the following: The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act.
information or personal data.
At its option, a creditor may inform the applicant orally of the need for additional information. (ii) A disclosure of the applicant's right to a statement of specific reasons within 30 days, if the statement is requested within 60 days of the creditor's notification. Displaying title 12, up to date as of 7/19/2022. If additional information is needed from an applicant, the creditor shall send a written notice to the applicant specifying the information needed, designating a reasonable period of time for the applicant to provide the information, and informing the applicant that failure to provide the information requested will result in no further consideration being given to the application. A separate drafting site is available with paragraph structure matching the official CFR formatting.
(1) Notice alternatives. - Bureau of Consumer Financial Protection, - Equal Credit Opportunity Act (Regulation B), https://www.ecfr.gov/current/title-12/chapter-X/part-1002/section-1002.9. Microsoft Edge, Google Chrome, Mozilla Firefox, or Safari. (1) ECOA notice. This is an automated process for user convenience only and is not intended to alter agency intent or existing codification. This document is available in the following developer friendly formats: Information and documentation can be found in our When an application involves more than one applicant, notification need only be given to one of them but must be given to the primary applicant where one is readily apparent.
View the most recent official publication: These links go to the official, published CFR, which is updated annually. You are using an unsupported browser. We recommend you directly contact the agency responsible for the content in question.
The Code of Federal Regulations (CFR) is the official legal print publication containing the codification of the general and permanent rules published in the Federal Register by the departments and agencies of the Federal Government. Comments or questions about document content can not be answered by OFR staff. Statements that the adverse action was based on the creditor's internal standards or policies or that the applicant, joint applicant, or similar party failed to achieve a qualifying score on the creditor's credit scoring system are insufficient.
If no credit is offered or if the applicant does not expressly accept or use the credit offered, each creditor taking adverse action must comply with this section, directly or through a third party. Within 30 days after receiving an application that is incomplete regarding matters that an applicant can complete, the creditor shall notify the applicant either: (i) Of action taken, in accordance with paragraph (a) of this section; or. (3) Oral request for information.
Enhanced content is provided to the user to provide additional context. As a
The Office of the Federal Register publishes documents on behalf of Federal agencies but does not have any authority over their programs. (e) Withdrawal of approved application. If you would like to comment on the current content, please use the 'Content Feedback' button below for instructions on contacting the issuing agency. No changes found for this content after 1/03/2017. If you have questions or comments regarding a published document please A notice given by a third party shall disclose the identity of each creditor on whose behalf the notice is given.
(iv) 90 days after notifying the applicant of a counteroffer if the applicant does not expressly accept or use the credit offered. (ii) Of the incompleteness, in accordance with paragraph (c)(2) of this section. If you work for a Federal agency, use this drafting site when drafting amendatory language for Federal regulations: switch to switch to drafting.ecfr.gov. (ii) With regard to a business that had gross revenues in excess of $1 million in its preceding fiscal year or an extension of trade credit, credit incident to a factoring agreement, or other similar types of business credit, a creditor shall: (A) Notify the applicant, within a reasonable time, orally or in writing, of the action taken; and. (1) When notification is required. (a) Notification of action taken, ECOA notice, and statement of specific reasons -. (B) Provide a written statement of the reasons for adverse action and the ECOA notice specified in paragraph (b)(1) of this section if the applicant makes a written request for the reasons within 60 days of the creditor's notification.
When an application is made on behalf of an applicant to more than one creditor and the applicant expressly accepts or uses credit offered by one of the creditors, notification of action taken by any of the other creditors is not required.
(b) Form of ECOA notice and statement of specific reasons -. developer resources. The official, published CFR, is updated annually and available below under Title 12 was last amended 7/11/2022. This content is from the eCFR and is authoritative but unofficial. contact the publishing agency. A notification given to an applicant when adverse action is taken shall be in writing and shall contain a statement of the action taken; the name and address of the creditor; a statement of the provisions of section 701(a) of the Act; the name and address of the Federal agency that administers compliance with respect to the creditor; and either: (i) A statement of specific reasons for the action taken; or. (f) Multiple applicants. here. You can learn more about the process "Published Edition". (2) Content of notification when adverse action is taken. In the case of a creditor that did not receive more than 150 applications during the preceding calendar year, the requirements of this section (including statements of specific reasons) are satisfied by oral notifications.
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A creditor shall notify an applicant of action taken within: (i) 30 days after receiving a completed application concerning the creditor's approval of, counteroffer to, or adverse action on the application; (ii) 30 days after taking adverse action on an incomplete application, unless notice is provided in accordance with paragraph (c) of this section; (iii) 30 days after taking adverse action on an existing account; or. The creditor shall have no further obligation under this section if the applicant fails to respond within the designated time period. Learn more about the eCFR, its status, and the editorial process. Please do not provide confidential For business credit, a creditor shall comply with the notification requirements of this section in the following manner: (i) With regard to a business that had gross revenues of $1 million or less in its preceding fiscal year (other than an extension of trade credit, credit incident to a factoring agreement, or other similar types of business credit), a creditor shall comply with paragraphs (a)(1) and (2) of this section, except that: (A) The statement of the action taken may be given orally or in writing, when adverse action is taken; (B) Disclosure of an applicant's right to a statement of reasons may be given at the time of application, instead of when adverse action is taken, provided the disclosure contains the information required by paragraph (a)(2)(ii) of this section and the ECOA notice specified in paragraph (b)(1) of this section; (C) For an application made entirely by telephone, a creditor satisfies the requirements of paragraph (a)(3)(i) of this section by an oral statement of the action taken and of the applicant's right to a statement of reasons for adverse action.
This content is from the eCFR and may include recent changes applied to the CFR.
If you have comments or suggestions on how to improve the www.ecfr.gov website or have questions about using www.ecfr.gov, please choose the 'Website Feedback' button below. The statement of reasons for adverse action required by paragraph (a)(2)(i) of this section must be specific and indicate the principal reason(s) for the adverse action. The in-page Table of Contents is available only when multiple sections are being viewed. The disclosure shall include the name, address, and telephone number of the person or office from which the statement of reasons can be obtained. The Federal agency that administers compliance with this law concerning this creditor is [name and address as specified by the appropriate agency or agencies listed in appendix A of this part]. It is not an official legal edition of the CFR. (2) Statement of specific reasons. The eCFR is displayed with paragraphs split and indented to follow the hierarchy of the document. learn more about the process here.
If the creditor chooses to provide the reasons orally, the creditor shall also disclose the applicant's right to have them confirmed in writing within 30 days of receiving the applicant's written request for confirmation. If you have questions for the Agency that issued the current document please contact the agency directly.