Equal Credit Opportunity Act “Regulation B”

Regulation B was issued by the Board of Governors of the Federal Reserve System to implement the provisions of the Equal Credit Opportunity Act (ECOA).

The law was enacted in 1974 to make it unlawful for creditors to discriminate in any aspect of a credit transaction on the basis of sex or marital status. In 1976, through amendments to the Act, it became unlawful to also discriminate on the basis of race, color, religion, national origin, age, receipt of public assistance and the good faith exercise of rights under the Consumer Credit Protection Act.

The primary purpose of the ECOA is to prevent discrimination in the granting of credit by requiring banks and other creditors to make extensions of credit equally available to all creditworthy applicants with fairness, impartiality and without discrimination on any prohibited basis.

The Hill – By Peter Schroeder

The Federal Reserve quickly withdrew an order to an Oklahoma bank to remove religious items from public view on Friday after two Republicans blasted the action as an “assault on faith.”

Sen. James Inhofe and Rep. Frank Lucas of Oklahoma sent a pointed letter to Fed Chairman Ben Bernanke on Friday asking him whether he stood by a Federal Reserve examiner who told Payne County Bank officials to remove the religious references from their business. The Fed examiner told the bank the religious items could discourage a person from seeking an application.

The removed items removed included a link on the bank’s website to a Bible verse of the day and buttons that said, “Merry Christmas, God With Us,” according to local news reports.

In a statement on his website, Inhofe called the decision “completely ridiculous.”

“It unduly discriminates against a persons faith in Christ and their Constitutionally protected freedom to publically [sic] express that faith. It is simply another case of liberals in Washington overstepping their bounds and intruding in the lives of individuals,” Inhofe’s statement said.

“The recent actions taken by the Federal Reserve at Payne County Bank are of great concern to me,” added Lucas in a separate statement. “I encourage the Federal Reserve to review the situation and take the appropriate action to address it.”

The outcry forced Fed officials to reverse the action, clarifying that the personal religious items displayed by bank employees in Perkins, Okla., did not violate a provision of the Equal Credit Opportunity Act.

A spokesman for Inhofe said Fed officials returned to the bank Friday to inform employees they could put the religious items back on display.

The examiner had determined that the religious items violated “Regulation B” of the Equal Credit Opportunity Act, which stipulates that banks cannot make any statements to potential applicants that could discourage them from seeking an application.

The letter forced Tom Hoenig, president of the Federal Reserve Bank of Kansas City, to respond. In a statement Friday, he said the regulation does not apply to personal items displayed in the workplace.

Perkins is a city in Payne County, Oklahoma, United States. The population was 2,272 at the 2000 census. The name is derived from Walden Perkins, a congressman who helped establish the local post office. The Iowa Tribe of Oklahoma is headquartered here.

Perkins was founded during the Land Run in April 1889. Joseph Wert staked a claim for 160 acres and offered up 40 acres of his land to be established as a township. The town went through three names in its first year- Cimarron, Italy, and then Perkins. It was named after Bishop Walden Perkins, a congressman from Kansas that pulled string to establish the post office for the new township.

According to the United States Census Bureau, the town has a total area of 2.2 square miles (5.8 km2), all of it land. Perkins is located on US Route 177 south of its junction with State Highway 33.

Frank “Pistol Pete” Eaton is also buried in Perkins. His house that he lived in is located in the Park located on 177 north of Perkins.

Wyatt Earp III was born in Perkins 1962, he is the great great grandson of Wyatt Earp. Perkins is also the home of the Perkins Tryon Demons. The heavy metal band “Manifest Destiny” originated from Perkins.

As of the census of 2000, there were 2,272 people, 913 households, and 644 families residing in the town. The population density was 1,018.4 people per square mile (393.4/km2). There were 988 housing units at an average density of 442.8/sq mi (171.1/km2). The racial makeup of the town was 85.48% White, 2.46% African American, 6.47% Native American, 0.31% Asian, 0.44% from other races, and 4.84% from two or more races. Hispanic or Latino of any race were 1.10% of the population.

There were 913 households out of which 32.9% had children under the age of 18 living with them, 54.2% were married couples living together, 13.6% had a female householder with no husband present, and 29.4% were non-families. 27.1% of all households were made up of individuals and 10.2% had someone living alone who was 65 years of age or older. The average household size was 2.49 and the average family size was 3.02.

In the town the population was spread out with 27.2% under the age of 18, 9.2% from 18 to 24, 28.8% from 25 to 44, 20.8% from 45 to 64, and 14.0% who were 65 years of age or older. The median age was 35 years. For every 100 females there were 91.6 males. For every 100 females age 18 and over, there were 81.5 males.

The median income for a household in the town was $30,030, and the median income for a family was $38,580. Males had a median income of $26,553 versus $20,761 for females. The per capita income for the town was $14,955. About 7.6% of families and 11.2% of the population were below the poverty line, including 12.8% of those under age 18 and 12.5% of those age 65 or over.

The History of Payne County Bank

Payne County Bank has a long history of serving the Perkins area for more than 112 years!

A Rich Tradition

Payne County Bank is proud of its tradition of local ownership and management. For over 112 years, PCB has served the Perkins area with solid banking leadership and devotion to the success of our community.

Our History

Payne County Bank was incorporated January 3, 1898, nine years before Oklahoma’s Statehood. With original capital stock of $5,000, the bank operated in a wood frame structure at the northwest corner of what is now Main and Thomas streets for about four years. With the construction of a new native sandstone building in 1903, the bank made the southwest corner of Main and Thomas streets in Perkins its home for nearly seventy years.

Payne County Bank and the First State Bank of Perkins were merged on December 31, 1924. It was with this merger that the legendary Delbert C. Butler became associated with Payne County Bank. D. C. would later become president of PCB in 1941, and served in that capacity for over thirty years.

During that time, the bank grew steadily. In need of some additional talent at the growing bank, Mr. Butler contacted the parents of a local young man who was then serving in the Navy during World War II. He left word asking their son to come see him at the bank upon his return from service. When he made the visit, Galen C. Holsinger was offered a job in the Payne County Bank. Galen started his employment under Mr. Butler on November 4, 1946.

Under the watchful eyes and capable hands of Butler and Holsinger, the bank continued to thrive and grow. During 1972, the pair developed plans for a new, modern bank facility to be built on south Main street, one block south and across the street from the old sandstone building. Also during 1972, Mr. Butler was looking toward retirement, and made preparations for the transition of ownership and control of the bank to Galen. In 1973, Galen assumed the presidency of the bank.

With Galen at the helm, PCB continued to flourish. During his tenure with the bank, Galen earned eminent respect among his peers, and served his community with distinction. His honors included induction into the Oklahoma Bankers Association 50-Year Club in 1996, and being the first-ever recipient of the Perkins Chamber of Commerce Citizen of the Year award, also in 1996.

In 1993, Galen and his wife Juanita began a process of ownership transfer of the bank by establishing the Payne County Bank Employee Stock Ownership Plan. Under the plan, the entire ownership of the bank will transfer to the employees and officers of the bank. As it was Galen’s wish, this program assures that the bank will remain a locally owned, independent community bank. It was also at this time in 1993 that Galen transferred many of his daily duties to longtime bank senior managers Richard Rogers and Lynn Kinder.

Throughout 1998, the bank celebrated its Centennial. During the year, the Bank underwent a full-scale remodeling project and 2500 square-foot building addition. The addition consisted primarily of office space, plus a 30-seat community business meeting room. Our 100th anniversary year was also marked by a series of events including exciting new service announcements, promotional giveaways, prize drawings, and an October Open House and free barbecue dinner.

Our friend and mentor Galen Holsinger passed away on January 8, 1999. He will always be remembered fondly by the many people whose lives he touched.

Today, PCB operates as a 100% employee-owned community bank. The officers, employees, and directors invite you to join thousands of our other loyal customers and enjoy the benefits of placing your business with a growing and thriving locally-owned community bank.

Verse of the Day

(Posted On Payne County Bank Website – Dec 17,2010)

Matthew 1:20-21“But after he had considered this, an angel of the Lord appeared to him in a dream and said, “Joseph son of David, do not be afraid to take Mary home as your wife, because what is conceived in her is from the Holy Spirit. She will give birth to a son, and you are to give him the name Jesus, because he will save his people from their sins.””

Related Links:

Daily Mail (UK): The Red Cross bans Christmas

“Merry Christmas — God With Us”