12 CFR §1002.9 requires an “ECOA Notice” to be provided to credit applicants within a certain amount of time after either receiving, or taking action on, an application. This “ECOA Notice” is included with other disclosures required under Regulation B, which are set forth in sample notification forms in its Appendix C.
Although the “ECOA Notice” is included in DocuTech’s “Statement of Credit Denial, Termination, or Change” (Cx15858), which is a duplicate of Sample Notification Form C-1, some clients have requested to disclose the “ECOA Notice” as a separate document. To accommodate such requests, DocuTech provides Cx1413.
The only change being made to Cx1413 is to its language, which will be updated to match the language set forth in Ibid. §1002.9(b)(1). Previously, the language of Cx1413 stated the following:
“The Federal Equal Credit Opportunity Act, 15 USCA 1691 et seq., prohibits discrimination against credit applicants on the basis of sex and marital status. Beginning March 23, 1977, the Act extends this protection to race, color, religion, national origin, age (provided the applicant has the capacity to contract), whether all or part of the applicant’s income is derived from any public assistance program, or if the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The federal agency which administers compliance with this law concerning this lender is [name of agency].”
After this change is made, it will now state 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. The Federal agency that administers compliance with this law concerning this creditor is [name of agency].”
This change will take effect on Tuesday, June 5th, 2012.