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FRB Issues Proposed Rule Regarding Reg. B — Car Dealers Need Not Comply with Dodd-Frank Data Collection Requirements Until Board Issues Final Regulations

by Scott J. Hyman |

The FRB issued a proposed rule under Reg B that car dealers need not comply with certain data collection requirements in Dodd-Frank until the FRB issues final regulations. Dodd-Frank amended ECOA to require creditors to collect and report information concerning credit applications made by women-owned or minority-owned businesses and small businesses. Public comment on the proposed rules must be submitted by… Read More

FRB and FTC Issue Final Risk-Based Pricing and Adverse Action Rules

by Scott J. Hyman |

The FRB and the FTC issued final rules implementing Dodd-Frank's credit score disclosure requirements, amending their January 10, 2010 interim risk-based pricing rules to require disclosure of credit scores and information relating to credit scores in risk-based pricing notices if a credit score of the consumer is used in setting the material terms of credit.  If a credit score is used in… Read More

FTC, Federal Reserve Board Propose Changes to Risk-Based Pricing Rule

by Scott J. Hyman |

The Federal Trade Commission and the Federal Reserve Board are seeking public comment on proposed amendments to the Risk-Based Pricing Rule that would require creditors, as of July 21, 2011, to disclose credit score information to consumers when a credit score is used in setting or adjusting credit terms.  The Notice is set forth here and is summarized as follows: On… Read More