|Subject:||Equal Credit Opportunity Act Amendment|
|Date of Memorandum:||01/16/1998|
|Expiration Date:|| |
|Signed By:||Smith, Roland|
|FCA Contact Person:||Holland, Tom|
|List of Attachments:||Revision to Regulation B|
January 16, 1998
To: The Chief Executive Officer
All Farm Credit System Institutions
From: Roland E. Smith, Director /s/
Office of Examination
Subject: Equal Credit Opportunity Act Amendment--Regulation B
The Farm Credit Administration is distributing a recent revision to Regulation B, Equal Credit Opportunity Act, that implements legislation creating a legal privilege for the results of “self-tests” that creditors voluntarily conduct to determine the level of their compliance with the Act. The self-testing privilege applies only if the creditor takes appropriate corrective action to address possible discrimination found in the self-test. The Department of Housing and Urban Development is issuing a substantially similar regulation under the Fair Housing Act.
The revisions are effective January 30, 1998. If you have questions about this or similar communications issued previously, please call Leslie Fridley in the Office of Examination at (703) 883-4168.