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]
Home Equity Theft Prevention Act Violation "with intent to defraud" = class E felony, subject to imprisonment and a fine of not more than $25,000. "Knowingly violates" = Class A misdemeanor, subject to a fine of not more than $25,000 and imprisonment in accordance with the penal law, or both.