PRIA Logo™
Title 15 — Commerce and TradeRelease 119-73not60

§1691b Promulgation of Regulations by the Bureau

Title 15 › Chapter 41— CONSUMER CREDIT PROTECTION › Subchapter IV— EQUAL CREDIT OPPORTUNITY › § 1691b

Last updated Apr 3, 2026|Official source

Summary

The Bureau must make rules to carry out this part of the law. The rules can group transactions, set exceptions, and make adjustments to reach the law’s goals, stop people from getting around the rules, and help people follow them. The Bureau can exempt whole classes of transactions that are not mainly for personal or household use, and it can exempt business or commercial loans from financial institutions. The Bureau can exempt a specific type only after it finds that applying the law to that type would not help the law’s purposes. Any exemption can last no more than five years and can be extended only after a new finding that it remains appropriate. Under these rules, lenders who make business or commercial loans must keep records the Bureau needs to show compliance or to enforce the law, and those records must be kept at least one year. The Bureau must require that a loan applicant be told in writing they have the right to a written explanation if their loan is denied. The Board must write similar rules for the persons named in 12 U.S.C. 5519(a). When courts review agency interpretations of this part, they must give deference as if that agency were the only one authorized to apply and enforce it.

Full Legal Text

Title 15, §1691b

Commerce and Trade — Source: USLM XML via OLRC

(a)The Bureau shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.
(b)Such regulations may exempt from the provisions of this subchapter any class of transactions that are not primarily for personal, family, or household purposes, or business or commercial loans made available by a financial institution, except that a particular type within a class of such transactions may be exempted if the Bureau determines, after making an express finding that the application of this subchapter or of any provision of this subchapter of such transaction would not contribute substantially to effecting the purposes of this subchapter.
(c)An exemption granted pursuant to subsection (b) shall be for no longer than five years and shall be extended only if the Bureau makes a subsequent determination, in the manner described by such paragraph,11 So in original. Probably should be “subsection,”. that such exemption remains appropriate.
(d)Pursuant to Bureau regulations, entities making business or commercial loans shall maintain such records or other data relating to such loans as may be necessary to evidence compliance with this subsection 22 So in original. or enforce any action pursuant to the authority of this chapter. In no event shall such records or data be maintained for a period of less than one year. The Bureau shall promulgate regulations to implement this paragraph 33 So in original. Probably should be “subsection”. in the manner prescribed by chapter 5 of title 5.
(e)The Bureau shall provide in regulations that an applicant for a business or commercial loan shall be provided a written notice of such applicant’s right to receive a written statement of the reasons for the denial of such loan.
(f)Notwithstanding subsection (a), the Board shall prescribe regulations to carry out the purposes of this subchapter with respect to a person described in section 5519(a) of title 12. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.
(g)Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 44 So in original. Probably should be followed by a period.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203, § 1085(3)(A), substituted “Promulgation of

Regulations

by the Bureau” for “

Regulations

” in section catchline. Pub. L. 111–203, § 1085(1), substituted “Bureau” for “Board” wherever appearing. Subsecs. (a) to (e). Pub. L. 111–203, § 1085(3)(B)–(E), in subsec. (a), struck out “(a)” designation before “(1)”, redesignated subsec. (a) pars. (1) to (5) as subsecs. (a) to (e), respectively, in subsec. (c) substituted “subsection (b)” for “paragraph (2)”, and struck out former subsec. (b), which related to establishment of a Consumer Advisory Council to advise and consult with the Board. Subsecs. (f), (g). Pub. L. 111–203, § 1085(3)(F), added subsecs. (f) and (g). 1988—Subsec. (a). Pub. L. 100–533 amended subsec. (a) generally. Prior to amendment, subsec. (a) read as follows: “The Board shall prescribe

Regulations

to carry out the purposes of this subchapter. These

Regulations

may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith. In particular, such

Regulations

may exempt from one or more of the provisions of this subchapter any class of transactions not primarily for personal, family, or household purposes, if the Board makes an express finding that the application of such provision or provisions would not contribute substantially to carrying out the purposes of this subchapter. Such

Regulations

shall be prescribed as soon as possible after the date of enactment of this Act, but in no event later than the

Effective Date

of this Act.” 1976—Pub. L. 94–239 designated existing provisions as subsec. (a), inserted provisions exempting from

Regulations

of this subchapter any class of transactions not primarily for personal, family, or household purposes to be determined by the Board, and added subsec. (b).

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

of 1976 AmendmentAmendment by Pub. L. 94–239 effective Mar. 23, 1976, see section 708 of Pub. L. 90–321, set out as an

Effective Date

note under section 1691 of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 1691b

Title 15 — Commerce and Trade

Last Updated

Apr 3, 2026

Release point: 119-73not60