2 1 among the various financial institutions and other firms en2 gaged in the extension of credit would be strengthened by 3 an absence of discrimination on the basis of sex or marital 4 status, as well as by the informed use of credit which Con5 gress has heretofore sought to promote. It is the purpose of 6 this Act to require that financial institutions and other firms 7 engaged in the extension of credit make that credit equally 8 available to all creditworthy customers without regard to sex or marital status. 9 10 SEC. 3. The Consumer Credit Protection Act (Pub 11 lic Law 90-321) is amended by adding at the end thereof 12 13 14 15 16 a new title VII: "TITLE VII-EQUAL CREDIT OPPORTUNITY "PROHIBITED DISCRIMINATION "SEC. 701. (a) It shall be unlawful for any creditor to discriminate against any applicant on the basis of sex or 17 marital status with respect to any aspect of a credit transac 18 tion. 19 "(b) An inquiry of marital status shall not constitute 20 discrimination for purposes of this title, provided that said 21 inquiry is for the purpose of ascertaining the creditors' rights 22 and remedies applicable to the particular extension of credit, 23 and not to discriminate in a determination of credit 1 2 3 "DEFINITIONS "SEC. 702. (a) The definitions and rules of construc 3 tion set forth in this section are applicable for the purposes of 4 this title. 5 "(b) The term 'applicant' means any person who ap6 plies to a creditor directly for an extension, renewal, or con7 tinuation of credit, or applies to a creditor indirectly by use 8 of an existing credit plan for an amount exceeding a pre9 viously established credit limit. 10 11 12 "(c) The term 'Board' refers to the Board of Governors of the Federal Reserve System. "(d) The term 'credit' means the right granted by a 13 creditor to a debtor to defer payment of debt or to incur debt 14 and defer its payment or to purchase property or services 15 and defer payment therefor, whether or not a finance charge 16 or late payment charge is imposed. 17 "(e) The term 'creditor' means any person who regu18 larly extends, renews, or continues credit; any person who 19 regularly arranges for the extension, renewal, or continua20 tion of credit; or any assignee of an original creditor who 21 participates in the decision to extend, renew, or continue 22 credit. 2 2 2 23 24 "(f) The term 'discriminate' means to take any arbi trary action based on any characteristic attributable to the 25 sex or marital status of an applicant, 4 "(g) The term 'person' means a natural person. a 2 corporation, government or governmental subdivision, or 3 agency, trust, estate, partnership, cooperative, or association. 1 *(h) Any reference to any recruitment imposed under 5 this title or any provision thereof includes reference to the 6 regulations of the Board under this title or the provision 7 thereof in question. 8 9 "REGULATIONS "SEC. 703. The Board shall prescribe regulations to 10 carry out the purposes of this title. These regulations may 11 contain such classifications, differentiations, or other pro12 vision, and may provide for such adjustments and exceptions 13 for any class of transactions, as in the judgment of the Board 14 are necessary or proper to effectuate the purposes of this 15 title, to prevent circumvention or evasion thereof, or to 16 facilitate compliance therewith. Such regulations shall be 17 prescribed as soon as possible after the date of enactment 18 of this Act, but in no event later than the effective date of 19 this Act. 20 21 222 "ADMINISTRATIVE ENFORCEMENT "SEC. 704. (a) Compliance with the requirements im 22 posed under this title shall be enforced under: "(1) section 8 of the Federal Deposit Insurance 23 5 "(A) national banks, by the Comptroller of the Currency. "(B) member banks of the Federal Reserve System (other than national banks), by the Board. "(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), by the Board of Directors of the Federal Deposit Insurance Corporation. "(2) section 5 (d) of the Home Owners' Loan Act of 1933, section 407 of the National Housing Act, and sections 6 (i) and 17 of the Federal Home Loan Bank Act, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan In surance Corporation), in the case of any institution subject to any of those provisions; "(3) the Federal Credit Union Act, by the Administrator of the National Credit Union Administration with respect to any Federal Credit Union; "(4) the Acts to regulate commerce, by the Interstate Commerce Commission with respect to any com mon carrier subject to those Acts; "(5) the Federal Aviation Act of 1958, by the Civil Aeronautics Board with respect to any air carrier or foreign air carrier subject to that Act; 1 2 3 4 5 6 "(6) the Packers and Stockyards Act, 1921 (except as provided in section 406 of that Act), by the Secretary of Agriculture with respect to any activities subject to that Act. "(b) For the purpose of the exercise by any agency 6 referred to in subsection (a) of its powers under any Act 7 referred to in that subsection, a violation of any requirement 8 imposed under this title shall be deemed to be a violation of 9 a requirement imposed under that Act. In addition to its 10 powers under any provision of law specifically referred to in 11 subsection (a), each of the agencies referred to in that sub12 section may exercise for the purpose of enforcing compliance 13 with any requirement imposed under this title, any other 14 authority conferred on it by law. The exercise of the authori15 ties of any of the agencies referred to in subsection (a) for the purpose of enforcing compliance with any requirement 17 imposed under this title shall in no way preclude the exercise 18 of such authorities for the purpose of enforcing compliance with any other provision of law not relating to the prohibi20 tion of discrimination on the basis of sex or marital status 16 19 21 with respect to any aspect of a credit transaction. 22 "(c) Except to the extent that enforcement of the re23 quirements imposed under this title is specifically committed 24 to some other Government agency under subsection (a). the Federal Trade Commission shall enforce such require 25 |