Opportunity Act (ECOA) and the Interagency Fair Lending Examination Procedures remind us, “A creditor shall not discriminate against an applicant regarding any aspect of a credit transaction”; this includes small business and commercial lending.
ECOA applies to various types of loans including car loans, credit cards, home loans, student loans, and small business loans.
For businesses with gross annual revenues greater than $1 million, Regulation B requires only that a creditor provide notice within a reasonable time. A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application.
Real Estate Settlement Procedures Act (RESPA) Generally, no. RESPA does not apply to business-purpose loans. Further, loans secured by commercial and multifamily properties (5 or more units) generally fall outside the coverage of RESPA.
RESPA does not apply to extensions of credit to the government, government agencies, or instrumentalities, or in situations where the borrower plans to use property or land primarily for business, commercial, or agricultural purposes.
In addition, certain types of loans are not subject to Regulation Z. These include: Federal student loans. Credit for business, commercial, agricultural or organizational use.
In recent training they said Reg GG applies to all commercial customers, for both loans and deposit accounts.
A wide range of entities that engage in small business lending are subject to Dodd-Frank 1071, including credit unions and banks, as well as online lenders, platform lenders, community development financial institutions, lenders offering equipment and vehicle financing, farm credit system lenders, commercial finance ...
The Equal Credit Opportunity Act and Regulation B apply to all credit - commercial as well as personal - without regard to the nature or type of the credit or the creditor, except for an entity excluded from coverage of this part (but not the Act) by section 1029 of the Consumer Financial Protection Act of 2010 (12 ...
A creditor's consideration of state property laws that affect creditworthiness (directly or indirectly) does not constitute unlawful discrimination 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.
The Equal Credit Opportunity Act (ECOA) prohibits discrimination in any aspect of a credit transaction. It applies to any extension of credit, including extensions of credit to small businesses, corporations, partnerships, and trusts.
ECOA prohibits discrimination in all aspects of a credit transaction and applies to any organization that extends credit—including banks, small loan and finance companies, retail stores, credit card companies, and credit unions. It also applies to anyone involved in the decision to grant credit or set credit terms.
The GLBA only applies to individuals who obtain financial products or services primarily for personal, family, or household purposes, and does not apply to companies or individuals who obtain financial products or services for business, commercial, or agricultural purposes.
The FDCPA applies only to the collection of debt incurred by a consumer primarily for personal, family, or household purposes. It does not apply to the collection of corporate debt or debt owed for business or agricultural purposes.
You can access a commercial loan through a bank, credit union, SBA lender or online lender. Commercial loans may be structured as term loans or business lines of credit. Commercial loan amounts, repayment terms, interest rates and qualifications vary by lender and loan type.
Private Fund Advisers: Section 408 of the Act provides an exemption for investment advisers whose clients consist solely of “private funds,” and whose assets under management in the United States are less than $150,000,000 in the aggregate.
Regulation C – Home Mortgage Disclosure Act (HMDA)
Commercial loans secured by a dwelling may be HMDA reportable, depending on the loan purpose. Loans primarily for a business or commercial purpose are reportable if the purpose is a home purchase, home improvement, or a refinance.
Regulation E does not apply to business accounts. 1005.3(a) tells us that Regulation E “applies to any electronic fund transfer that authorizes a financial institution to debit or credit a consumer's account“.
Truth in Lending/Regulation Z
A loan is exempt from Regulation Z if it is "[a]n extension of credit primarily for a business, commercial or agricultural purpose." It is also exempt if the loan is extended to an applicant “other than a natural person,” for example a corporation, LLC, or other legal entity.
All business purpose loans are wholly exempt from TILA/RESPA coverage. All loans to bona fide business entities are wholly exempt from coverage, regardless of purpose.
The GLBA notice required under Reg P applies only to individuals or an individual's legal representative who have obtained a financial product or service used primarily for personal, family or household purposes.
All depository institutions, including commercial banks, savings banks, savings and loan associations, credit unions, and agencies or branches of foreign banks located in the United States, are subject to reserve requirements. Note that Reg D imposes reserve requirements for financial institutions.
Yes. Regulation B of the Equal Credit Opportunity Act (ECOA) describes lending acts and practices that are specifically prohibited, permitted, or required for fair lending practices.