What is Reg B? Flashcards
1
Q
What does Reg B prohibit lenders from doing?
A
Discriminate credit applicants on the basis of gender, marital status, nationality, race, age, or marital status. In addition, income derived from public assistance, or those that exercised their right under the consumer credit protection act.
2
Q
Reg B requires lenders to comply when?
A
Regulation B covers the actions of a creditor before, during, and after a credit transaction.
3
Q
How much time does the lender have to provide a credit decision?
A
30 days
