Equal Credit Opportunity Act (ECOA) promotes 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); to the fact that all or part of the applicant's income derives from a public ...
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 ...
Regulation B, issued by the CFPB to implement ECOA, applies to all persons who are creditors, meaning persons who, in the ordinary course of business, regularly participate in credit decisions, set the terms of credit, or refer applicants to creditors.
Negative Information Based on Discrimination
The FCRA prohibits the inclusion of negative information on the basis of race, color, national origin, sex, or religion. Any discriminatory reporting practices violate the law.
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, again, was passed in 1974. This has a prohibition on discrimination against protected classes, which are defined as individuals based on race or color, religion, national origin and gender, just like we saw in the Fair Housing 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.
Equal Employment Opportunity (EEO) is fair treatment in employment, promotion, training, and other personnel actions without regard to race, color, religion, sex, age, national origin, and physical or mental disability.
These provisions are universal in their application to all persons within the territorial jurisdiction, without regard to any differences of race, of color, or of nationality, and the equal protection of the laws is a pledge of the protection of equal laws.
Final answer: Social Security is NOT included as a protected class under the Equal Credit Opportunity Act, making option D the correct answer.
'' Moreover, the statute makes it unlawful for ''any creditor to discriminate against any applicant with respect to any aspect of a credit transaction (1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to con tract); (2) because all or part ...
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.
Imposing unfair terms or conditions on a loan (such as lower loan amount or higher interest rates) based on personal characteristics protected under the ECOA. Asking detailed personal information regarding marital status, such as whether you are widowed or divorced.
The FHAct prohibits discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing ...
Under ECOA, creditors may not make credit decisions based on the following categories: Race, Color,Religion, National Origin, Sex, Marital Status, Age, Receipt of public assistance.
Certain types of loans are not subject to Regulation Z, including federal student loans, loans for business, commercial, agricultural, or organizational use, loans above a certain amount, loans for public utility services, and securities or commodities offered by the Securities and Exchange Commission.
A protected class under ECOA includes race or color, religion, national origin, and sex. So those are the same things that we started out the Fair Housing Act list with, but ECOA has a couple of different ones. In fact, they do not include handicap just like the Fair Housing Act did.
Among the protected classes are race, color, national origin, religion, sex, familial status, and handicap. However, sexual orientation is not explicitly listed as a protected class under the Fair Housing Act.
An example that is NOT a prohibited basis for the Equal Credit Opportunity Act is annual income and military status. The Equal Credit Opportunity Act prohibits discrimination in credit transactions on the basis of race and skin color, national origin, sex, age, marital status, religion, and other protected attributes.
The protected classes include: age, ancestry, color, disability, ethnicity, gender, gender identity or expression, genetic information, HIV/AIDS status, military status, national origin, pregnancy, race, religion, sex, sexual orientation, or veteran status, or any other bases under the law.
Applicants, employees and former employees are protected from employment discrimination based on race, color, religion, sex (including pregnancy, sexual orientation, or gender identity), national origin, age (40 or older), disability and genetic information (including family medical history).