When an applicant is denied a loan, both Regulation B (Equal Credit Opportunity Act) and the Fair Credit Reporting Act (FCRA) can come into play. On the deposit side; however, if an institution denies someone from opening an account, the requirements are different. First and foremost, Regulation B is off the table. This means you don’t have to provide the reasons for the denial, the ECOA notice, your regulator’s contact information, etc. On the other hand, the FCRA requirements could still come into play but it depends on whether or not you obtained a credit report (including ChexSystems, Qualifile, etc.) and denied them based on information in that report.
Diane discussed deposit denials during the Memory Lane portion of our August Monthly Connection. Here’s what she had to say:
Published 2026/08/25
