[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4164 Introduced in House (IH)]







106th CONGRESS
  2d Session
                                H. R. 4164

 To prohibit the Board of Governors of the Federal Reserve System from 
 implementing certain proposed revisions to Regulation B of the Board 
that would allow the race, color, religion, national origin, or sex of 
   an applicant for a nonmortgage credit product to be noted on the 
               application with the applicant's consent.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 4, 2000

   Mr. Bachus (for himself, Mr. Paul, Mr. DeLay, Mr. Jones of North 
Carolina, Mr. Barr of Georgia, and Mr. Riley) introduced the following 
  bill; which was referred to the Committee on Banking and Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
 To prohibit the Board of Governors of the Federal Reserve System from 
 implementing certain proposed revisions to Regulation B of the Board 
that would allow the race, color, religion, national origin, or sex of 
   an applicant for a nonmortgage credit product to be noted on the 
               application with the applicant's consent.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Loan Applicant Privacy Protection 
Act''.

SEC. 2. PROHIBITION ON PROPOSED REVISIONS TO CERTAIN REGULATIONS UNDER 
              THE EQUAL CREDIT OPPORTUNITY ACT.

    (a) In General.--The proposed revisions by the Board of Governors 
of the Federal Reserve System to section 202.5 of part 202 of title 12 
of the Code of Federal Regulations, as published in the Federal 
Register on August 16, 1999 (page 44582 et seq.), that would allow the 
race, color, religion, national origin, or sex of an applicant for a 
nonmortgage credit product to be noted on the application shall not 
take effect and, if prescribed in final form before the date of the 
enactment of this Act, shall cease to be effective as of such date.
    (b) Prohibition on Any Similar Regulation.--The Board of Governors 
of the Federal Reserve System may not propose any other regulation 
which would have the same, or substantially the same, effect as the 
proposed regulation described in subsection (a), unless specifically 
authorized to do so by a provision of Federal law enacted after the 
date of the enactment of this Act.
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