What is prohibited under the Equal Credit Opportunity Act?
What is prohibited 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.
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What are violations of the Equal Credit Opportunity Act
CFPB advises consumers to watch for warning signs of ECOA violations: You are treated differently in person than on the phone or online. You are discouraged from applying for credit. You hear the lender make negative comments about race, national origin, sex, or other protected groups.
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What is a prohibited basis
(z) Prohibited basis means race, color, religion, national origin, sex, marital status, or age (provided that the applicant has the capacity to enter into a binding contract); the fact that all or part of the applicant's income derives from any public assistance program; or the fact that the applicant has in good faith …
What does the Equal Credit Opportunity Act of 1974 prohibit 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.
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What are the 9 prohibited factors under ECOA
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 …
Which of the following is an example of prohibited discrimination
It is illegal for an employer to discriminate against a job applicant because of his or her race, color, religion, sex (including gender identity, sexual orientation, and pregnancy), national origin, age (40 or older), disability or genetic information.
What is an example of the Equal Credit Opportunity Act
Equal Credit Opportunity Act example
Although lenders may not use non-financial factors to approve or deny a loan, they may consider factors like age. This means that they can't deny a loan based only on age as long as the borrower is old enough to sign a contract.
What is an example of a fair lending violation
For example, if a lender refuses to make a mortgage loan because of your race or ethnicity, or if a lender charges excessive fees to refinance your current mortgage loan based on your race or ethnicity, the lender is in violation of the federal Fair Housing Act.
What are the 9 prohibited bases
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 is the prohibited basis of discrimination
Under the laws enforced by EEOC, it is illegal to discriminate against someone (applicant or employee) because of that person's race, color, religion, sex (including gender identity, sexual orientation, and pregnancy), national origin, age (40 or older), disability or genetic information.
What did the Equal Credit Opportunity Act of 1974 try to do
The Equal Credit Opportunity Act was enacted in 1974 as (1) a consumer protection statute designed to provide accurate information to and about consumers involved in credit transactions, and (2) an antidiscrimination statute designed to shield protected classes of consumers from discrimi- nation in the granting of …
What does the ECOA prohibit lenders from quizlet
Prohibits discrimination in the lending process based on the credit applicants race, color, religion, national origin, sex, marital status, age, or receipt of public assistance.
What are the three types of discrimination under ECOA
Types of Lending Discrimination
The courts have recognized three methods of proof of lending discrimination under the ECOA and the FHAct: Overt evidence of disparate treatment; • Comparative evidence of disparate treatment; and • Evidence of disparate impact.
What are prohibitions against discrimination
Federal laws prohibit discrimination based on a person's national origin, race, color, religion, disability, sex, and familial status. Laws prohibiting national origin discrimination make it illegal to discriminate because of a person's birthplace, ancestry, culture or language.
What are the 4 main types of discrimination
There are four main types of discrimination.Direct discrimination. This means treating one person worse than another person because of a protected characteristic.Indirect discrimination.Harassment.Victimisation.
What are the equal credit opportunity rights
The Equal Credit Opportunity Act (ECOA) makes it illegal for creditors (also known as banks, mortgage companies, small loan and finance companies, credit unions, retail and department stores, credit card companies, other online companies offering credit, and people who arrange for credit) to discriminate against you.
What is the primary purpose of the ECOA
The purpose of ECOA is to promote the availability of credit to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); because all or part of the applicant's income derives from any public assistance …
What factors are prohibited in fair lending
The FHA prohibits discrimination in home mortgage loans, home improvement loans, and other home credit transactions because of race, color, religion, sex, national origin, familial status, or disability.
What are the 3 types of lending discrimination
Types of Lending Discrimination
The courts have recognized three methods of proof of lending discrimination under the ECOA and the FHAct: Overt evidence of disparate treatment; • Comparative evidence of disparate treatment; and • Evidence of disparate impact.
What are examples of prohibited bases
It is illegal for an employer to discriminate against an employee in the payment of wages or employee benefits on the bases of race, color, religion, sex (including gender identity, sexual orientation, and pregnancy), national origin, age (40 or older), disability or genetic information.