To satisfy the disclosure requirements regarding section 701(a) of the Act, the creditor shall provide a notice that is substantially similar to the following:
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is (name and address as specified by the appropriate agency listed in appendix A of this regulation).
The statement of reasons for adverse action required by paragraph (a)(2)(I) of this section must be specific and indicate the principal reason(s) for the adverse action. Statements that the adverse action was based on the creditor's internal standard or policies or that the applicant failed to achieve the qualifying score on the creditor's credit scoring system are insufficient.
12 C.F.R. Section 202.9 Notifications.
(b) Form of ECOA notice and statement of specific reasons--
(1) ECOA notice. To satisfy the disclosure requirements of paragraph (a)(2) of this section regarding section 701(a) of the Act, the creditor shall provide a notice that is substantially similar to the following:
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant's income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal agency that administers compliance with this law concerning this creditor is (name and address as specified by the appropriate agency listed in appendix A of this regulation).
(2) Statement of specific reasons. The statement of reasons for adverse action required by paragraph (a)(2)(I) of this section must be specific and indicate the principal reason(s) for the adverse action. Statements that the adverse action was based on the creditor's internal standard or policies or that the applicant failed to achieve the qualifying score on the creditor's credit scoring system are insufficient.
