Equal Credit Opportunity Act: OCC Should Further Review First Chicago's Screening Test for Credit Card Holders
GGD-92-4
Published: Dec 12, 1991. Publicly Released: Dec 23, 1991.
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Highlights
Pursuant to a congressional request, GAO evaluated a bank's test of credit card accounts in the Northeast to determine whether it could reduce losses by reviewing credit card accounts earlier than its normal 2-year cycle, focusing on whether the test was discriminatory.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Office of the Comptroller of the Currency | The Comptroller of the Currency should direct the national bank examination staff, as part of its planned 1992 compliance examination, to review First Chicago's credit card operations to better ensure that the Northeast test did not in effect violate ECOA. |
Closed – Implemented
The OCC compliance examination is completed. This examination tested for "in effect" discrimination against First Chicago's Northeast credit card holders. No evidence of discrimination was found.
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