The Federal Reserve Board's Regulation B (12 CFR Part 202) implementing the Equal Credit Opportunity Act prohibit banks from making statements in their advertising or otherwise that would discourage an applicant for credit from applying because of the applicant's race, religion,gender marital status or age. (12 CFR 202.4). A Staff Interpretation of that provision provides that: "The use of words, symbols, models or other forms of communication in advertising that express, imply, or suggest a discriminatory preference or a policy of exclusion in violation of the Act." Examiners inspecting a bank in Perkins, Oklahoma last week created a stir by insisting that the bank's display of religious messages is in violation of this policy.
According to KOCO News, display of a Bible verse of the day on a screen in the bank and on the bank's website, crosses on the teller’s counter and buttons that say "Merry Christmas, God With Us," were seen by examiners as violating Regulation B. According to another report by KOCO News, U.S. Sen. Jim Inhofe and U.S. Rep. Frank Lucas sent a letter to the Federal Reserve Board calling the action an "all-out assault on the faith, values and rights of the bank, its employees and the people it serves". This led the Fed changed its mind. The president of Payne County Bank, Lynn Kinder, said that both sides have agreed to work out the issue and in the meantime the Fed has allowed the bank to restore its display of Christian items and verses. [Thanks to ReligionLaw listserv for the lead.]
