Skip to content
BOL Conferences

New Reply Thread Options
#1130269 - 02/13/09 10:31 PM Retrospective Relief of Reg B Violations
Anonymous
Unregistered

Included in the agency standards for retrospective relief of certain Regulation B violations there is a requirement related to advising the consumer of his/her legal rights under Regulation B and/or the ECOA.

Is there guidance on acceptable or required language for such advisement of rights?

For example, does the disclosure required on the Adverse Action Notice under Section 202.9 of Regulation B constitute advisement of legal rights?

Return to Top Reply Quote Quick Reply Quick Quote
#2250736 - 03/17/21 02:47 PM Re: Retrospective Relief of Reg B Violations Anonymous
Anonymous
Unregistered

If a violation is found at your institution, retrospective relief may need to occur. What is included in "retrospective relief"?

Return to Top Reply Quote Quick Reply Quick Quote
#2250737 - 03/17/21 02:47 PM Re: Retrospective Relief of Reg B Violations Anonymous
Anonymous
Unregistered

If a violation is found at your institution, retrospective relief may need to occur. What is included in "retrospective relief"?

Return to Top Reply Quote Quick Reply Quick Quote
#2250739 - 03/17/21 03:14 PM Re: Retrospective Relief of Reg B Violations Anonymous
rlcarey Online
10K Club
rlcarey
Joined: Jul 2001
Posts: 84,650
Galveston, TX
Retrospective relief may include:

• Identifying customers who may have been subject to discrimination and offering to extend credit if the customers were improperly denied;

• Requiring the financial institution to make payments to injured parties;
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

Return to Top Reply Quote Quick Reply Quick Quote
#2293969 - 02/22/24 02:41 AM Re: Retrospective Relief of Reg B Violations Anonymous
Anonymous
Unregistered

Identifying customers, requiring payments, and ordering restitution are all included in retrospective relief.

Return to Top Reply Quote Quick Reply Quick Quote
Quick Reply:
HTML is disabled
UBBCode is enabled




Moderator:  MagicCity, P*Q, Truffle Royale