12 CFR 202.7 - Rules concerning extensions of credit
| Cite as | 12 CFR 202.7 |
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143 practice notes
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U.S. v. ITT Consumer Financial Corp., No. 85-2810
...the Equal Credit Opportunity Act ("ECOA"), 15 U.S.C. Secs. 1691-1691e, and Federal Reserve Board Regulation B ("Regulation B"), 12 C.F.R. Sec. 202.7 (1985), 1 the government sought an injunction under 15 U.S.C. Sec. 1691e(h) and $10,000 in civil penalties under 15 U.S.C. Secs. 45(m)(1)(A), ......
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RL BB Acquisition, LLC v. Bridgemill Commons Dev. Grp., LLC, No. 13–6034.
...since it violated ECOA and Regulation B—specifically, Regulation B's prohibition on requiring spouses to guarantee loans. See12 C.F.R. § 202.7(d), 12 C.F.R. § 1002.7(d). Starr later moved for summary judgment on this ground, while Plaintiff filed its own motion for summary judgment on the m......
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Regions Bank v. Legal Outsource PA, No. 17-11736
...creditors from treating married people differently by requiring spouses to assume liability for each other’s debt obligations. 12 C.F.R. 202.7(d) ; Equal Credit Opportunity Final Rulemaking, 40 Fed. Reg. 49,308 –09 (Oct. 22, 1975). Therefore, ever since 1977, Regulation B has prohibited cre......
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Arnold v. Palmer, No. 34738.
...credit secured by their jointly held property. Advantage argues that such practice is explicitly barred by federal banking regulation 12 C.F.R § 202.7 (2003), which specifically addresses the requirement of signatures of spouses on credit instruments. The federal regulation is also the crux......
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139 cases
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RL BB Acquisition, LLC v. Bridgemill Commons Dev. Grp., LLC, No. 13–6034.
...since it violated ECOA and Regulation B—specifically, Regulation B's prohibition on requiring spouses to guarantee loans. See12 C.F.R. § 202.7(d), 12 C.F.R. § 1002.7(d). Starr later moved for summary judgment on this ground, while Plaintiff filed its own motion for summary judgment on the m......
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U.S. v. ITT Consumer Financial Corp., No. 85-2810
...the Equal Credit Opportunity Act ("ECOA"), 15 U.S.C. Secs. 1691-1691e, and Federal Reserve Board Regulation B ("Regulation B"), 12 C.F.R. Sec. 202.7 (1985), 1 the government sought an injunction under 15 U.S.C. Sec. 1691e(h) and $10,000 in civil penalties under 15 U.S.C. Secs. 45(m)(1)(A), ......
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Regions Bank v. Legal Outsource PA, No. 17-11736
...creditors from treating married people differently by requiring spouses to assume liability for each other’s debt obligations. 12 C.F.R. 202.7(d) ; Equal Credit Opportunity Final Rulemaking, 40 Fed. Reg. 49,308 –09 (Oct. 22, 1975). Therefore, ever since 1977, Regulation B has prohibited cre......
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Arnold v. Palmer, No. 34738.
...credit secured by their jointly held property. Advantage argues that such practice is explicitly barred by federal banking regulation 12 C.F.R § 202.7 (2003), which specifically addresses the requirement of signatures of spouses on credit instruments. The federal regulation is also the crux......
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2 firm's commentaries
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Until Debt Do Us Part: Eighth Circuit Creates Split On Violation Of ECOA For Spousal Guaranties
..."The applicant's spouse may serve as an additional party, but the creditor shall not require that the spouse be the additional party." 12 C.F.R. § 202.7(d)(5). In Hawkins, the two wives signed a guaranty of the $2 million obligation of their husbands' company, PHL Development LLC,, a compan......
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The Equal Credit Opportunity Act – a Sword and a Shield?
...§1602 [2] Bank of America, N.A. v. GREC Homes IX, LLC, 2014 WL 351962, *14 (S.D. Fla. Jan. 23, 2014)(internal citations omitted). [3] 12 C.F.R. § 202.7(d). [4] 13 WL 2455972 (M.D. Fla. June 6, [5] RL REGI North Carolina, LLC v. Lighthouse Cove, LLC, 748 S.E.2d 723 (N.C. Ct. App. 2013). [6]...