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]
Fair Credit Reporting Act The Fair Credit Reporting Act, 15 U.S.C. § 1681 (“FCRA”) is U.S. Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies. It was intended to protect consumers from the willful and/or negligent inclusion of inaccurate information in their credit reports. To that end, the FCRA regulates the collection, dissemination, and use of consumer information, including consumer credit information.[1] Together with the Fair Debt Collection Practices Act ("FDCPA"), the FCRA forms the foundation of consumer rights law in the United States. It was originally passed in 1970,[2] and is enforced by the US Federal Trade Commission, the Consumer Financial Protection Bureau and private litigants.