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Cards In This Set
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When did congress enacte the Equal Credit Opportunity Act?
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1974
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Why did congress enact the Equal Credit Opportunity Act?
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Eliminate discriminatory treatment of credit applicants
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EOCA & Regulation B
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Intended to promote the availablity of credit to all creditworthy applicants regardless of race, color, religion, national orgi, sex, marital status, or age and regardless of the fact that the applicant has income from a public assitance program or has exercised his/her rights under the consumer credit protection act.
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ECOA (equal credit opportunity act) applies to:
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1. mortgage lending transactions, including open-end & home loans & to other types of consumer credit.
2. Extensions of credit for business, commercial and agricultural use. |
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A of July 21, 2011 __________ is the primary regulator responsible for the implementation and enforcement of ECOA.
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CFPB (Consumer Financial Protection Bureau)
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What are the regulations for EOCA called?
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Regulation B
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Within _____ days of receipt of loan or credit application, lenders must notify consumers in writing of action taken.
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30
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If creditor takes adverse acton on the application, then ____________ and ________________
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1. Notice must provide statement of the reasons for the unfavorable decision
2 Must include statement that ECOA prohibits discrimination against credit applicants |
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What is the purpose of the Equal Credit Opportunity Act?
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Eliminate discriminatory treatment of credit applicants
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What year did congress enact ECOA?
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1974
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Who is the primary regulator responsible for the implementation and enforcement of ECOA?
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CFPB (Consumer Financial Protection Bureau)
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Within how many days of receipt of a loan or credit applicaiton must lenders notify consumers in writing of action taken?
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30
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If the creditor takes adverse action on an application, the Notice of Action taken must include:
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1. description of the credit
2. statement that ECOA prohibits discrimination 3 Reason for the decision |
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Lenders are prohibited from:
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1 Refusing to consider regular alimony or child support
2 Refusing to consider public assistance as income 3 Assuming that a woman of childbearing age will stop work to raise children |
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Lenders may make statements that would discourage prospective credit applicants from applying for a loan under what circumstances?
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Never, regardless of the circumstances.
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