Equal Credit Opportunity Act (Regulation B)

Creditors may not discriminate against any applicant on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of rights under the Consumer Credit Protection Act. Creditors must provide applicants with reasons for adverse actions.

The regulation requires creditors to notify applicants of action taken on their applications within 30 days. Small business lenders must collect and report demographic data about credit applicants.