Included in the agency standards for retrospective relief of certain Regulation B violations there is a requirement related to advising the consumer of his/her legal rights under Regulation B and/or the ECOA.

Is there guidance on acceptable or required language for such advisement of rights?

For example, does the disclosure required on the Adverse Action Notice under Section 202.9 of Regulation B constitute advisement of legal rights?

If a violation is found at your institution, retrospective relief may need to occur. What is included in "retrospective relief"?

If a violation is found at your institution, retrospective relief may need to occur. What is included in "retrospective relief"?

Retrospective relief may include:

• Identifying customers who may have been subject to discrimination and offering to extend credit if the customers were improperly denied;

• Requiring the financial institution to make payments to injured parties;

Identifying customers, requiring payments, and ordering restitution are all included in retrospective relief.