What is the Equal Credit Opportunity Act quizlet?
Equal Credit Opportunity Act. 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.
What does the Equal Credit Opportunity Act do?
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.
What does the Equal Credit Opportunity Act prevent 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.
What does the Equal Credit Opportunity Act prevent?
prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection …
What’s the purpose of the ECOA quizlet?
What is the purpose of ECOA? to promote the availability of consumer credit to all applicants by prohibiting credit decision based on race, color, religion, national origin, gender, marital status, or age.
What does the Equal Credit Opportunity Act require what factors may used in the decision to issue credit?
Your Equal Credit Opportunity Rights
When considering your credit application or setting terms for a loan, creditors can only consider relevant financial factors—your credit score, income, and credit history, including your existing debt load.
What is regulation Z?
Regulation Z prohibits certain practices relating to payments made to compensate mortgage brokers and other loan originators. The goal of the amendments is to protect consumers in the mortgage market from unfair practices involving compensation paid to loan originators.
What is the motivation for the Equal Credit Opportunity Act quizlet?
To promote the availability of consumer credit to all applicants by prohibiting credit decisions based on race, color, religion, national origin, gender, marital status, age.
Which of the following violates the Equal Credit Opportunity Act ECOA )? Quizlet?
Redlining is a particular discriminatory practice that violates ECOA.
What are three reasons you can be denied credit according to the Equal Credit Opportunity Act?
Consumer Protections Under the ECOA
Discouraging you from applying for credit based on race, color, religion, national origin, sex, marital status, age or because you receive public assistance.
Which of the following is something that the Equal Credit Opportunity Act 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. You just studied 16 terms!
What is the purpose of Regulation B quizlet?
Notifying borrower of action taken (ECOA, Reg B) -Must give specific reasons (or tell how to get those reasons) why denied or granted credit differently than terms they originally applied for. -Also must give specific reasons why creditor closes acct., refuses increase, or makes changes. You just studied 9 terms!
What is covered by Reg B?
Regulation B covers the actions of a creditor before, during, and after a credit transaction. The CFPB lists credit transactions and aspects of credit transactions to include consumer credit, business credit, mortgage, and open-end credit.
How is regulation B related to the Equal Credit Opportunity Act?
Regulation B prohibits creditors from requesting and collecting specific personal information about an applicant that has no bearing on the applicant’s ability or willingness to repay the credit requested and could be used to discriminate against the applicant.
Why is it called regulation Z?
Regulation Z is a law that protects consumers from predatory lending practices. Also known as the Truth in Lending Act, the law requires lenders to disclose borrowing costs so consumers can make informed choices.
What is regulation V?
Regulation V is a regulation administered by the Federal Reserve which is intended to protect consumer privacy. It relates specifically to consumer credit information, such as those used to generate credit reports.
What is regulation K?
According to the Board of Governors of the Federal Reserve System, Regulation K governs “the international banking operations of U.S. banking organizations and operations of foreign banks in the United States.” This includes procedures for U.S. banks to establish foreign branches as well as investing in foreign …
What is regulation n?
Regulation N is also known as the Mortgage Acts and Practices Advertising Rule, or MAPs rule because it regulates how mortgage lenders, servicers, brokers, advertising agencies, and others can advertise mortgage services.
What is regulation G?
Regulation G requires disclosure of a bank’s compliance with anti-discriminatory lending laws. The Community Reinvestment Act of 1977 mandated an end to discriminatory lending practices. Regulation G is a federal rule that covers all banks insured by the FDIC.
What is regulation G and H?
Regulation G, which controls the requirements for registered loan originators [12 CFR §§1007 et seq. ]; and. • Regulation H, which controls the requirements for state-licensed loan originators. [
What is regulation G Non-GAAP?
Regulation G includes the general disclosure requirement that a registrant, or a person acting on its behalf, shall not make public a non-GAAP financial measure that, taken together with the information accompanying that measure, contains an untrue statement of a material fact or omits to state a material fact …
What is regulation F in banking?
Regulation F is a set of Federal Reserve (Fed) rules that establishes limits on the risks banks that have deposits insured by the Federal Deposit Insurance Company (FDIC) may take on in their business dealings with other financial institutions.
What is FDCPA Reg F?
Under Regulation F, debt collectors are barred from bringing or threatening to bring legal actions against consumers for debts in which the statute of limitations has expired.
What is Reg F in debt collection?
Reg F is a new law that all debt collectors have to adhere to. The overall aim of Regulation F is to outline prohibitions on harassment or abuse, false or misleading representations, and unfair practices.
What is the purpose of Regulation H and what act does it implement?
The purpose of Regulation H is to enhance consumer protection and reduce fraud by directing states to adopt minimum uniform standards for the licensing and registration of residential mortgage loan originators and to participate in a nationwide mortgage licensing system and registry database of residential mortgage …
What is regulation h in banking?
Regulation H defines the membership requirements for state-chartered banks; describes membership privileges and conditions imposed on these banks; sets out procedures for requesting approval to establish branches and for requesting voluntary withdrawal from membership; provides information for registering and filing …
Is the SAFE Act regulation H?
Regulation H describes certain requirements for SAFE Act compliant state mortgage loan originator licenses and for the Nationwide Mortgage Licensing System and Registry.