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Reg B & Senior Citizens Account

Answered by: 

Question: 
Is it a violation of Reg B to offer a senior citizens account?
Answer: 

If by account you mean deposit account, Reg B is not a consideration. It applies only to credit. If account means credit card, HELOC or some other credit product then Reg B applies and you need to determine what senior citizen means. Reg B allows more favorable treatment of those who are elderly than those who have not attained the age of 62. If the account is a credit account and senior citizen includes any borrower who is younger than 62, then you have age discrimination.

First published on BankersOnline.com 10/20/08

First published on 10/20/2008

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