Question

Which government organization studied the use of credit scores to see if it had an unfair impact on minorities?.

Answer 1

Federal Reserve Board (FRB) is the  government organization that studied the use of credit scores to see if it unfairly impacted minorities.

As to whether the use of credit scores has an unfair impact on racial minorities, researchers at the Federal Reserve Board (FRB) study the relationship between credit scores and race to see if empirically derived credit scores produce a disparate impact on specific populations.

Some regulations issued by the Board apply to the entire banking industry. In contrast, others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System.

The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry and banks.

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Answer 2

The Federal Reserve Board (FRB) is a government agency that looked into whether minorities were adversely harmed by the usage of credit ratings.

What is federal reserve board?

The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central banking system of the United States of America.

It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics (particularly the panic of 1907) led to the desire for central control of the monetary system in order to alleviate financial crises.

Congress established three key objectives for monetary policy in the Federal Reserve Act: maximizing employment, stabilizing prices, and moderating long-term interest rates.

The Federal Reserve System is composed of several layers. It is governed by the presidentially-appointed board of governors or Federal Reserve Board (FRB).

Therefore, The Federal Reserve Board (FRB) is a government agency that looked into whether minorities were adversely harmed by the usage of credit ratings.

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