Incentives for self-testing and self-correction.

CFR · 2024-01-01 · US · Title 12

(a) (2) (3) (b) (i) Is designed and used specifically to determine the extent or effectiveness of a creditor's compliance with the Act or this part; and (ii) Creates data or factual information that is not available and cannot be derived from loan or application files or other records related to credit transactions. (2) (3) (i) Information about whether a creditor conducted a self-test, the methodology used or the scope of the self-test, the time period covered by the self-test, or the dates it was conducted; or (ii) Loan and application files or other business records related to credit transactions, and information derived from such files and records, even if the information has been aggregated, summarized, or reorganized to facilitate analysis. (c) (2) (i) Identifying the policies or practices that are the likely cause of the violation; and (ii) Assessing the extent and scope of any violation. (3) (i) A creditor is not required to provide remedial relief to a tester used in a self-test; (ii) A creditor is only required to provide remedial relief to an applicant identified by the self-test as one whose rights were more likely than not violated; and (iii) A creditor is not required to provide remedial relief to a particular applicant if the statute of limitations applicable to the violation expired before the creditor obtained the results of the self-test or the applicant is otherwise ineligible for such relief. (4) (d) (i) By a government agency in any examination or investi

official document · source cfr-2024 · id 12:§ 1002.15