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CC2 Second Quarter 2004 • Compliance Corner www.phil.frb.org • Clarified the requirements for providing a statement of specific reasons in adverse action notifi- cations. • Revised monitoring information provisions to comply with the U.S. Office of Management and Budget’s technical revisions to ethnicity. • Established requirements for electronic communication. Clarified Definitions Adverse Action. Prior to the final rule, the definition of “adverse action” included a creditor’s termination of or unfavorable change to the terms of an account, unless the action affected “all or a substantial portion of a class of the creditor’s accounts.” The words “substantial portion” were changed to “substantially all” to clarify that a creditor’s action must affect the over- whelming majority of accounts in a designated class to be excluded from the definition of adverse action. The revision emphasizes that the exception applies only when the creditor’s action is not based on the individual credit characteristics of the affected accountholders. For example, the exception would ap- ply where a creditor terminates all secured credit accounts because it no longer offers that type of credit. However, the exception would not apply if the creditor terminated only those secured credit accounts that could not be moved into another the applicant’s national origin, marital status, religion, sex, color, race, age (provided the applicant has the ca- pacity to contract), receipt of public assistance benefits, or the good faith exercise of a right under the Consumer Credit Protection Act (15 U.S.C. 1601 et seq.). In addition to a general pro- hibition against discrimination, the regulation contains specific rules con- cerning taking and evaluating credit applications, how credit history infor- mation is reported on accounts used by spouses, procedures and notices for credit denials and other adverse actions, and limitations on requiring signatures of persons other than the applicant on credit documents. The regulation also exempts certain types of credit, such as utilities credit and securities credit, from some require- ments, and provides model forms for optional use by creditors. Summary of Revisions to Regulation B The April 2003 revisions to the regu- lation accomplished several purposes. In particular, the revisions: • Clarified various definitions, including the definition of “ad- verse action,” “application,” and “creditor.” • Grouped the regulation’s general rules into one section. • Created an exception to the gen- eral prohibition against inquiring about or noting applicant charac- teristics for non-mortgage credit transactions for the purpose of conducting a self-test. • Established rules for evaluating married and unmarried credit applicants. • Required record retention for prescreened credit solicitations. • Established rules for obtaining signatures of nonapplicants. card program after an evaluation of the individual credit characteristics of the accountholders. Application. The definition of “ap- plication” has been expanded to in- clude a request for a preapproved loan under procedures in which a creditor issues creditworthy persons a written commitment to extend credit up to a designated amount that is valid for a designated period of time, and pos- sibly subject to other conditions. The expanded definition is contained in the Official Staff Commentary (Com- mentary) to the regulation, rather than the regulation itself. The Com- mentary clarifies that certain preap- provals are covered by the definition of application and further clarifies the difference between a preapproval and a prequalification. 2 Creditor. To clarify the definition of “creditor,” the regulation’s old lan- guage “regularly participates in the decision of whether or not to extend credit” was changed to “regularly par- ticipates in a credit decision, including setting the terms of the credit.” Thus, creditor now includes not only those that make the decision to deny or extend credit, but also those that ne- gotiate and set the terms of the credit 2 See also “Preapproval or Prequalification: What’s the Difference?” in this issue of Compliance Corner . A creditor’s action must affect the over- whelming majority of accounts in a des- ignated class to be excluded from the definition of adverse action.
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