15 U.S.C. § 1691c: Incentives for self-testing and self-correction

conducts, or authorizes an independent third party to conduct, a self-test of any aspect of a credit transaction by a creditor, in order to determine the level or effectiveness of compliance with this subchapter by the creditor; and has identified any possible violation of this subchapter by the creditor and has taken, or is taking, appropriate corrective action to address any such possible violation. shall be privileged; and proceeding or civil action in which one or more violations of this subchapter are alleged; or examination or investigation relating to compliance with this subchapter. voluntarily releases or discloses all, or any part of, the report or results to the applicant, department, or agency, or to the general public; or refers to or describes the report or results as a defense to charges of violations of this subchapter against the creditor to whom the self-test relates; or the report or results are sought in conjunction with an adjudication or admission of a violation of this subchapter for the sole purpose of determining an appropriate penalty or remedy. shall be used only for the particular proceeding in which the adjudication or admission referred to in paragraph (1)(B) is made; and may not be used in any other action or proceeding. a court of competent jurisdiction; or an administrative law proceeding with appropriate jurisdiction. Except as provided in paragraph (2), the privilege provided for in section 704A of the Equal Credit Opportunity Act [ 15 U.S.C. 1691c–1 ] or section 814A of the Fair Housing Act [ 42 U.S.C. 3614–1 ] (as those sections are added by this section) shall apply to a self-test (as that term is defined pursuant to the regulations prescribed under subsection (a)(2) [set out below] or (b)(2) of this section [ 42 U.S.C. 3614–1 note], as appropriate) conducted before, on, or after the effective date of the regulations prescribed under subsection (a)(2) or (b)(2), as appropriate. formally filed in any court of competent jurisdiction; or the subject of an ongoing administrative law proceeding; in the case of section 704A of the Equal Credit Opportunity Act, the creditor has waived the privilege pursuant to subsection (b)(1)(A)(i) of that section; or in the case of section 814A of the Fair Housing Act, the person engaged in residential real estate related lending activities has waived the privilege pursuant to subsection (b)(1)(A)(i) of that section.” Not later than 6 months after the date of enactment of this Act [ Sept. 30, 1996 ], in consultation with the Secretary of Housing and Urban Development and the agencies referred to in section 704 of the Equal Credit Opportunity Act [ 15 U.S.C. 1691c ], and after providing notice and an opportunity for public comment, the Board shall prescribe final regulations to implement section 704A of the Equal Credit Opportunity Act [ 15 U.S.C. 1691c–1 ], as added by this section. The regulations prescribed under subparagraph (A) shall include a definition of the term ‘self-test’ for purposes of section 704A of the Equal Credit Opportunity Act, as added by this section. The regulations prescribed under subparagraph (A) shall specify that a self-test shall be sufficiently extensive to constitute a determination of the level and effectiveness of compliance by a creditor with the Equal Credit Opportunity Act [ 15 U.S.C. 1691 et seq.]. The regulations prescribed under subparagraph (A) shall be substantially similar to the regulations prescribed by the Secretary of Housing and Urban Development to carry out section 814A(d) of the Fair Housing Act [ 42 U.S.C. 3614–1(d) ], as added by this section.”