Effective January 30, 1998
To All Depository Institutions and Others Concerned in the Second Federal Reserve District:
The following is from a statement by the Board of Governors of the Federal Reserve System:
The Federal Reserve Board has announced publication of revised regulations under the Equal Credit Opportunity Act, Regulation B, to implement legislation creating a legal privilege for the results of "self-tests" that creditors voluntarily conduct to determine the level of their compliance with the Act. The Department of Housing and Urban Development is issuing a substantially similar regulation under the Fair Housing Act.
The revisions are effective January 30, 1998.
The self-testing privilege applies only if the creditor takes appropriate corrective action to address possible discrimination found in the self-test.