WebStudy with Quizlet and memorize flashcards containing terms like According to ECOA, discrimination is: A. Never allowed B. Allowed if based on income C. Allowed if based on sex D. Allowed if based on marital status, Which of the following would be an acceptable reason to decline a loan application? A. The borrower is a member of a minority race B. The … WebTwo federal laws, the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA), offer protections against discrimination. The ECOA forbids -credit discrimination on the basis of race, -or whether you receive income from a public assistance program. A creditor must notify the applicant of adverse action within: 30 days after receiving ...
Fair Lending Laws Flashcards Quizlet
WebMar 11, 2024 · The CFPB’s justification for expanding the list of prohibited bases through an interpretive rule is that its conclusion is based on a “straightforward application of legal terms with plain and ... WebNov 13, 2024 · As both the ECOA and the FHA apply to mortgage lending, lenders may not discriminate in lending based on the prohibited factors listed in either of them. Additionally, a lender may not: Fail to provide or provide inconsistent information or services related to lending, including credit availability, application procedures, and lending standards. pectofeed
Equal Credit Opportunity (Regulation B); Discrimination on the …
WebNov 18, 2024 · The Equal Credit Opportunity Act [ECOA], 15 U.S.C. 1691 et seq. prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, … WebAug 15, 2024 · The Equal Credit Opportunity Act (ECOA) is a law that prevents credit bureaus from discriminating against individuals, businesses and other entities in credit … WebMar 12, 2024 · Soon thereafter, in July 2024, the CFPB published a request for information seeking comments on several ECOA and Regulation B issues including whether and how the Bostock decision should impact the CFPB's interpretation of ECOA's prohibition against sex-based credit discrimination. According to the CFPB, a variety of stakeholders … meaning of motown