Sex (including gender identity and sexual orientation) Familial Status. Disability.
Disability, mental and physical. Sex, gender (including pregnancy, childbirth, breastfeeding or related medical conditions)
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.
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.
Some examples of violations are the improper disclosure of the amount financed, finance charge, payment schedule, total of payments, annual percentage rate, and security interest disclosures.
6.1 Direct, indirect, subtle and adverse effect discrimination.
Redlining is one of the most infamous and duplicitous forms of disparate treatment in lending, with biased lenders denying mortgages to qualified candidates simply based on their race or location.
Discouraged from applying for credit. Encouraged or told to apply for a type of loan that has less favorable terms (for example, a higher interest rate) Hearing the lender making negative comments about race, national origin, age, sex (including sexual orientation or gender identity), or other protected statuses.
Students classify those characteristics based on the three C's of credit (capacity, character, and collateral), assess the riskiness of lending to that individual based on these characteristics, and then decide whether or not to approve or deny the loan request.
Today, three federal laws offer protection against such discrimination: The Fair Housing Act (FHA)1. The Equal Credit Opportunity Act (ECOA)2. The Community Reinvestment Act (CRA)3.
These three pillars are the keys to effective credit analysis and can also be referred to as the 3 P's: Policies, Process and People. Policies (or procedures) refer to the overall strategy or framework that guides specific actions. Loan policies provide the framework for an institution's lending activities.
First-degree is when a seller charges all buyers the highest price and allows for reductions. Second-degree is when a seller changes price depending on the quantity purchased. Third-degree is when a seller charges different prices for different consumer groups based on a specific attribute.
The third-person singular simple present indicative form of discriminate is discriminates. The present participle of discriminate is discriminating. The past participle of discriminate is discriminated.
Discrimination at work
Discrimination happens when an employer treats an employee or job applicant unfairly because of their race, color, religion, sex, national origin, age (40 or older), disability, or genetic information. EEOC laws do not cover all employers. Coverage is often based on the number of employees.
An inherent requirement of a job depends on the nature of the job and required qualifications. If such requirements can be shown, discrimination will be fair, for example a person with extremely poor eyesight cannot be employed as an airline pilot.
dismiss an employee because of their features or attributes. don't hire someone because of their features or attributes. treat a person differently to others because of their features or attributes. offer an employee worse terms than other employees because of their features or attributes.
Lenders have to provide borrowers a Truth in Lending disclosure statement. It has handy information like the loan amount, the annual percentage rate (APR), finance charges, late fees, prepayment penalties, payment schedule and the total amount you'll pay.
Ì Service charges and fees. What Is Not Covered Under TILA? THE TILA DOES NOT COVER: Ì Student loans Ì Loans over $25,000 made for purposes other than housing Ì Business loans (The TILA only protects consumer loans and credit.) Summary.
50501. (a) Any person who violates a provision of this division, or any rule or order under this division, shall be liable for a civil penalty not to exceed two thousand five hundred dollars ($2,500) for each violation.