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(See comment 2(e)-1 for treatment of a purchaser who requests to assume the loan.) 2.The term adverse action does not include a creditor's termination of an account when the accountholder is currently in default or delinquent on that account.2(j) Regulation B covers a wider range of credit transactions than Regulation Z (Truth in Lending).Under Regulation B, a transaction is credit if there is a right to defer payment of a debt-regardless of whether the credit is for personal or commercial purposes, the number of installments required for repayment, or whether the transaction is subject to a finance charge.To ensure that predictive ability is being maintained, the creditor must periodically review the performance of the system.This could be done, for example, by analyzing the loan portfolio to determine the delinquency rate for each score interval, or by analyzing population stability over time to detect deviations of recent applications from the applicant population used to validate the system.A consumer calls to ask about loan terms and an employee explains the creditor's basic loan terms, such as interest rates, loan-to-value ratio, and debt-to-income ratio. A consumer calls to ask about interest rates for car loans, and, in order to quote the appropriate rate, the loan officer asks for the make and sales price of the car and the amount of the downpayment, then gives the consumer the rate. A consumer asks about terms for a loan to purchase a home and tells the loan officer her income and intended downpayment, but the loan officer only explains the creditor's loan-to-value ratio policy and other basic lending policies, without telling the consumer whether she qualifies for the loan. A consumer calls to ask about terms for a loan to purchase vacant land and states his income and the sales price of the property to be financed, and asks whether he qualifies for a loan; the employee responds by describing the general lending policies, explaining that he would need to look at all of the consumer's qualifications before making a decision, and offering to send an application form to the consumer. An application for credit includes the following situations: i.
The credit scoring system must be revalidated frequently enough to ensure that it continues to meet recognized professional statistical standards for statistical soundness.For example, comments to § 1002.2(c) are further divided by subparagraph, such as comment 2(c)(1)(ii)-1 and comment 2(c)(2)(ii)-1. Further, the definition of creditor is not restricted to the party or person to whom the obligation is initially payable, as is the case under Regulation Z.The Equal Credit Opportunity Act and Regulation B apply to all credit--commercial as well as personal-without regard to the nature or type of the credit or the creditor, except for an entity excluded from coverage of this part (but not the Act) by section 1029 of the Consumer Financial Protection Act of 2010 (12 U. Moreover, the Act and regulation apply to all methods of credit evaluation, whether performed judgmentally or by use of a credit scoring system. Regulation B generally does not apply to lending activities that occur outside the United States.Good-faith compliance with this commentary affords a creditor protection under section 706(e) of the Act. Under Appendix D to the regulation, any person may request an official interpretation.