if caught failure to comply with the equal credit opportunity act's regulation b can result in
Equal Credit Opportunity Act The part of the law that defines its authority and scope is known as Regulation B,[4] from the (b) that appears in Title 12 part 1002's official identifier: 12 C.F.R. ยง 1002.1(b) (2017).[5] Failure to comply with Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1% of the creditor's net worth in class actions.[6]
Lilly Ledbetter Fair Pay Act of 2009 The Lilly Ledbetter Fair Pay Act of 2009 (Pub.L. 111â€“2, S. 181) is a federal statute in the United States that was the first bill signed into law by President Barack Obama on January 29, 2009. The Act amends the Civil Rights Act of 1964. The new act states that the 180-day statute of limitations for filing an equal-pay lawsuit regarding pay discrimination resets with each new paycheck affected by that discriminatory action. The law directly addressed Ledbetter v. Goodyear Tire & Rubber Co., 550 U.S. 618 (2007), a U.S. Supreme Court decision that the statute of limitations for presenting an equal-pay lawsuit begins on the date that the employer makes the initial discriminatory wage decision, not at the date of the most recent paycheck.