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]
Truth in Lending Act From TILA's inception, the authority to implement the statute by issuing regulations was given to the Federal Reserve Board (FRB). However, effective July 21, 2011, TILA's general rule making authority was transferred to the Consumer Financial Protection Bureau (CFPB), whose authority was established pursuant to provisions enacted by the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act in July 2010. Any forthcoming regulations implementing the statute, which are also formally referred to as Regulation Z, will be codified at 12 C.F.R. 1026 and attempt to mirror the FRB's Regulation Z whenever feasible.[3] The Federal Reserve will retain some limited rule making authority under TILA for loans made by certain motor vehicle dealers, and for certain other provisions.