What are the 6 protected classes under ECOA?
This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.
Who is covered under ECOA?
Specifically, ECOA protects consumers from lending discrimination based on race, color, religion, national origin, sex, marital status, age, public assistance, or the exercise of any rights under the Consumer Credit Protection Act.
What is not covered under ECOA?
The ECOA Valuations Rule does not cover second liens and other subordinate loans and loans that are not secured by a dwelling (such as loans secured solely by land).
Which of the following are protected categories under the Equal Credit Opportunity Act quizlet?
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in the granting of credit based on race, color, religion, national origin, sex, marital status, age or receipt of public assistance.
Which of the following is not a protected class under the Federal Equal Credit Opportunity Act?
Race, color, religion, sex, handicap, familial status, national origin. Although some interest groups have tried to lobby to include sexual orientation and marital status, these aren’t protected classes under the federal law, but are sometimes protected by certain local state fair housing laws.
What is the difference between ECOA and regulation B?
What Is the Difference Between the ECOA and Regulation B? The ECOA is the Equal Credit Opportunity Act, which Congress passed to prohibit lending discrimination on the basis of certain factors. Regulation B is the rule that the Federal Reserve created to enforce the ECOA.
Who is subject to Truth in Lending Act?
The Truth in Lending Act (TILA) protects consumers in their dealings with lenders and creditors. The TILA applies to most kinds of consumer credit, including both closed-end credit and open-end credit. The TILA regulates what information lenders must make known to consumers about their products and services.
Which of the following are prohibited bases under the federal fair lending laws?
Prohibited bases: race, color, religion, national origin, sex, marital status, age (provided the applicant has capacity to contract), receipt of public assistance, or exercise of rights under the Consumer Credit Protection Act.
Which of the following is one of the four main parts of the ECOA?
Ethnicity and Race.
Which of the following is something that the Equal Credit Opportunity Act is designed to do quizlet?
Makes it unlawful for any creditor to discriminate against any applicant, based on race, color, religion, national origin, sex, marital status, or age; OR that their income is generated from public assistance programs.
Which of the following are protected classes under the Equal Credit Opportunity Act but not under the Fair housing?
What is considered an application under ECOA?
ECOA Application The Equal Credit Opportunity Act (ECOA) via Regulation B Section 202.2 defines application as follows: “Application means an oral or written request for an extension of credit that is made in accordance with procedures established by a creditor for the type of credit requested.