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CREDIT DISCRIMINATION

HEARINGS

BEFORE THE

SUBCOMMITTEE ON CONSUMER AFFAIRS

OF THE

COMMITTEE ON BANKING AND CURRENCY

HOUSE OF REPRESENTATIVES

NINETY-THIRD CONGRESS

SECOND SESSION

H.R. 14856

A BILL TO PROHIBIT DISCRIMINATION ON THE BASIS OF
RACE, COLOR, RELIGION, NATIONAL ORIGIN, AGE, SEX,

OR MARITAL STATUS IN THE GRANTING OF CREDIT

H.R. 14908

A BILL TO PROHIBIT DISCRIMINATION ON THE BASIS OF
SEX OR MARITAL STATUS IN THE GRANTING OF CREDIT

PART 1

JUNE 20 AND 21, 1974

Printed for the use of the Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1974

For sale by the Superintendent of Documents, U.S. Government Printing Office

Washington, D.C. 20402 - Price $4.20

COMMITTEE ON BANKING AND CURRENCY

WRIGHT PATMAN, Texas, Chairman WILLIAM A. BARRETT, Pennsylvania WILLIAM B. WIDNALL, New Jersey LEONOR K. (MRS. JOHN B.) SULLIVAN, ALBERT W. JOHNSON, Pennsylvania Missouri

J. WILLIAM STANTON, Ohio HENRY S. REUSS, Wisconsin

BEN B. BLACKBURN, Georgia THOMAS L. ASHLEY, Ohio

GARRY BROWN, Michigan WILLIAM $. MOORHEAD, Pennsylvania LAWRENCE G. WILLIAMS, Pennsylvabla ROBERT G. STEPHENS, JR., Georgia CHALMERS P. WYLIE, Ohio FERNAND J. ST GERMAIN, Rhode Island MARGARET M, HECKLER, Massachusetts HENRY B. GONZALEZ, Texas

PHILIP M, CRANE, Illinois JOSEPH G. MINISH, New Jersey

JOHN H. ROUSSELOT, California RICHARD T. HANNA, California

STEWART B. MCKINNEY, Connecticut TOM S. GETTYS, South Carolina

BILL FRENZEL, Minnesota FRANK ANNUNZIO, Illinois

ANGELO D. RONCALLO, New York THOMAS M. REES, California

JOHN B. CONLAN, Arizona JAMES M. HANLEY, New York

CLAIR W. BURGENER, California FRANK J. BRASCO, New York

MATTHEW J. RINALDO, New Jersey
EDWARD I. KOCH, New York
WILLIAM R. COTTER, Connecticut
PARREN J. MITCHELL, Maryland
WALTER E. FAUNTROY,

District of Columbia
ANDREW YOUNG, Georgla
JOHN JOSEPH MOAKLEY, Massachusetts
FORTNEY H. (PETE) STARK, JR.,

California
LINDY (MRS. HALE) BOGGS, Louisiana

PAUL NELSON, Clerk and Staf Director
CURTIS A. PRINS, Chief Investigator

BENET D. GELLMAN, Counsel
JOSEPH C. LEWIS, Professional Staff Member

Davis Couch, Counsel
ORMAN S. FINK, Minority Staff Director

SUBCOMMITTEE ON CONSUMER AFFAIRS
LEONOR K. (MRS. JOHN B.) SULLIVAN, Missouri, Chairman
WALTER E. FAUNTROY,

CHALMERS P. WYLIE, Ohio
District of Columbia

MARGARET M. HECKLER, Massachusetts PARREN J. MITCHELL, Maryland

STEWART B. MCKINNEY, Connecticut WILLIAM A. BARRETT, Pennsylvania MATTHEW J. RINALDO, New Jersey HENRY B. GONZALEZ, Texas

ANGELO D. RONCALLO, New York ANDREW YOUNG, Georgia

CLAIR W. BURGENER, California
FORTNEY H. (PETE) STARK, JR.,

California
JOHN JOSEPH MOAKLEY, Massachusetts
EDWARD I. KOCH, New York

CHARLES B. HOLSTEIN, Professional Staff Member

CONTENTS

Page

129

3 17

OOVUITTEE ON BANKING AND CURRENCY

RIGHT PATVAS, Texas, Chairsan TLAN A BARRETT Peassfira: WILLIAN B. WIDNALL, New Jersey IS YRS JOEY B STLLITAN, ALBERT W.JOHNSON, Pennsylvanla

J. WILLIAM STANTON, Ohio
FTSIT & RESS. Wiseeasin

BEN B. BLACKBCRN, Georgia
PAL ASELET Ola

GARRY BROWN, Michigan
ISLANS VOORHEAD. Pedaspirante LAWRENCE G. WILLIAMS, Pennsylvaola
2.212G STEPHENS JE. Georgia CHALMERS P. WYLIE, Ohio
TUDI $7 GERMAIN, Rbode Island MARGARET M. HECKLER, Massachusetts
EXET 2 GONZALEZ, Terus

PHILIP M. CRANE, Ilinois
*EPG YIXISH Ver Jersey

JOHN B. ROUSSELOT, California
HARDT RASSA, Callfornia

STEWART B. MCKINNEY, Connecticut & GETTTS South Carolina

BILL FRENZEL, Minnesota
KANNTNZIO, TI! Dois

ANGELO D. RONCALLO, New York
HVAS Y REES. Calllorala

JOHN B. CONLAN, Arizona
MESK HAVLET, New York

CLAIR W. BURGENER, California
4.SK J. BRASCO, New York

MATTHEW J. RINALDO, New Jersey
WARD I. KOCH. Ne* York
TILLIAN R COTTER, Coupecticut

ERES J. MITCHELL Maryland
'ALTER E FAU'NTROY,
Patrict of Columbia
DREW TOCNG, Georgia
HN JOSEPE MOAKLEY, Massachusetts
KTNEY EL (PETE) STARK, JR.,

83 80

88

(The same table of contents appears in parts 1 and 2) Hearings held on

June 20, 1974

June 21, 1974. Text of:

H.R. 14856.

H.R. 14908.-
Agency reports on H.R. 14856:

Civil Aeronautics Board...
Department of Agriculture.
Department of Commerce.
Department of Health, Education, and Welfare.
Department of Housing and Urban Development..
Department of the Interior.
Department of Justice...
Farm Credit Administration..
Federal Deposit Insurance Corporation.
Federal Home Loan Bank Board..
Federal Trade Commission.-
Interstate Commerce Commission..
National Credit Union Administration..
Securities and Exchange Commission..
Small Business Administration.-

87 87

77 75 73 76

84

81 75 82 77

STATEMENTS

30 396

NDY (MRS. HALE) BOGGS, Louisiana

PAUL NELSOx, Clerk ond Staf Director
COHTIS A. Prixg, Chief Investigator

BENET D. GELLMAN, Counsel
JOSEP C. LEWIS, Professional staf Vember

DAVIS Corch, Counsel
OHMAN 8. Fixk, Minority Staff Director

131

357

91

36

SUBCOMMITTEE ON CONSUMER AFFAIRS
LEONOR K. (MRS. JOHN B.) SULLIVAN, Missouri, Chairman
LTER E. PAINTROY,

CHALMERS P. WYLIE, Ohio latrict of Columbia

MARGARET M. HECKLER, Massachusetts REN J. MITCHELL, Maryland

STEWART B. MCKINNEY, Connecticut LLAMA. BARRETT, Pennsylvania MATTHEW J. RINALDO, New Jersey RT A GONZALEZ, Texas

ANGELO D. RONCALLO, New York HEW YOUNG, Georgia

CLAIR W. BURGENER, Callfornia I'NEY F. (PETE) STARK, JR., lifornia

JOSEPH MOAKLEY, Massachusetts ARD I. KOCH, New York

CHARLES B. HOLSTxix, Professional Staf Member

Bucher, Hon. Jeffrey M., member, Board of Governors of the Federal

Reserve System..Burris, Carol, president, Women's Lobby, Inc.-Flemming, Hon. Arthur S., Chairman, U.S. Commission on Civil Rights, and

Commissioner, Administration on Aging, Department of Health, Education, and Welfare; accompanied by John A. Buggs, Staff Director,

U.S. Commission on Civil Rights.. Gates, Margaret J., codirector, Center for Women Policy Studies; accom

panied by Nancy D. Polikoff. Haeussler, Thomas A., president and chief executive officer, Capital

Financial Services, Inc., Columbus, Ohio, and member, board of directors, National Consumer Finance Association; accompanied by Robert B.

Norris, general counsel, National Consumer Finance Association --Jenkins, Issie, Associate General Counsel, Equal Employment Opportunity

Commission -Kerr, Richard F., operating vice president for credit for Federated Depart

ment Stores, Inc., on behalf of the National Retail Merchants Association; accompanied by Alan Feldman, counsel for the association; and Lyall Rodgers, associate corporate credit manager of Federated Department Stores Kolker, Ann, legislative coordinator, National Women's Political Caucus-Lively, Randy, director of public affairs, Sears, Roebuck & Co., Chicago,

II., accompanied by Randy Aires, assistant director for government

affairs, Washington, D.C.. Pottinger, Hon. J. Stanley, Assistant Attorney General, Civil Rights

Division, Department of Justice.. Russell, Charles T., senior vice president, National BankAmericard, Inc.,

San Francisco, Calif.; accompanied by Sharyn Campbell, Washington

counsel, National BankAmericard... Scott, Ann, vice president for legislation, National Organization for Women; accompanied by Patricia Massey, chairperson, national money and credit committee, Women's Equity Action League

409
395

442

(II)

34

317

353

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