Reg C is a regulation issued by the Federal Reserve Board that requires banks to collect, report and disclose information about mortgage loan applications. The information helps the Federal Reserve Board and other regulators monitor compliance with fair lending laws and other consumer protection laws, as well as trends in the mortgage market. This helps ensure that banks are extending credit fairly. Banks must collect and maintain information such as borrower characteristics, loan terms, pricing information, and written reasons for denial of mortgage applications. Banks must also provide applicants with copies of appraisals upon request.