What falls only under the Equal Credit Opportunity Act? (2024)

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What falls only under the Equal Credit Opportunity Act?

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 a prohibited basis under the Equal Credit Opportunity Act?

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 is the Equal 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 require quizlet?

The Equal Credit Opportunity Act requires that all credit applicants be informed of whether their application has been accepted or rejected within 30 days.

What are two questions you should avoid asking based on ECOA What are three things you should not consider when taking June's loan application?

According to the ECOA, two things you should avoid asking June are her marital status and age. Additionally, three facts that should not influence the loan decision include her receipt of public assistance, her national origin, and her gender.

What groups fall under the Equal Credit Opportunity Act?

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 action is illegal under the Equal Credit Opportunity Act quizlet?

1. ECOA prohibits creditors from inquiring about a consumer's marital status or intentions related to having or raising children. 2. Creditors may not publish any from of advertisem*nt that would discourage applicants from making or pursuing an application on a prohibited basis, such as membership in a protected class.

What does the Equal Opportunity Act cover?

RACE, COLOR, RELIGION, SEX, NATIONAL ORIGIN Executive Order 11246, as amended, prohibits job discrimination on the basis of race, color, religion, sex or national origin, and requires affirmative action to ensure equality of opportunity in all aspects of employment.

What does the Equal Credit Opportunity Act apply to?

ECOA applies to various types of loans including car loans, credit cards, home loans, student loans, and small business loans.

What is the prohibited basis under ECOA?

Specifically, ECOA protects consumers from discrimination based on race, color, religion, national origin, sex, marital status, age, eligibility for public assistance, or the exercise of any rights under the Consumer Credit Protection Act.

What is the Equal Credit Opportunity Act and what can a lender use to determine the interest rate they will charge you?

The Equal Credit Opportunity Act (ECOA) is legislation passed in 1974 that prohibits creditors from discriminating against an applicant due reasons related to race, color, religion, national origin, sex, marital status, age or participation in public assistance programs. Criteria that creditors can use in their ...

What is ECOA quizlet?

Equal credit opportunity act (ECOA) 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 does the Federal Equal Credit Opportunity Act allow lenders to do quizlet?

The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against a borrower on the basis of race, color, religion, national origin, sex, marital status, age, and dependence on public assistance. The amount of income needed to qualify for a loan is a legitimate business rea-son for denying a loan.

What is a red flag for an Equal Credit Opportunity Act violation?

Look for red flags, such as: Treated differently in person than on the phone or online. 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)

What is an example of an ECOA violation?

Lenders can unintentionally or intentionally violate ECOA regulations by engaging in practices such as denying loan applications based on protected status, altering credit terms for protected applicants, or requesting protected information, among others.

What is the statute of limitations for the Equal Credit Opportunity Act?

Ordinarily, a civil action for compensatory damages under ECOA must be filed no later than two years from the date of occurrence of the violation.

What questions are avoided by ECOA?

However, a creditor may ask about costs related to children and dependents. Likewise, creditors also are barred from factoring certain considerations into their decisions. Your race, color, religion, national origin, sex, marital status or whether you receive public assistance.

Can you sue for being denied credit?

Consider suing the creditor in federal district court. If you win, you can recover your actual damages. The court might award you punitive damages under certain circ*mstances. You also may recover reasonable lawyers' fees and court costs.

Which of the following is not an example of a prohibited basis for the Equal Credit Opportunity Act?

Explanation: An example that is NOT a prohibited basis for the Equal Credit Opportunity Act is annual income and military status.

Which class is protected under the Equal Credit Opportunity Act but is not protected under the Federal Fair Housing Act?

Marital status is the class that is protected under the Equal Credit Opportunity Act but not under fair housing laws.

Which protected class is covered under the Equal Credit Opportunity Act quizlet?

The Equal Credit Opportunity Act of 1974 prohibits discrimination in lending based upon race, color, religion, national origin, sex, age, marital status, and because a person may be on public assistance income.

Does the Equal Credit Opportunity Act protect?

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 is the equal opportunity for all?

equal opportunity, in political theory, the idea that people ought to be able to compete on equal terms, or on a “level playing field,” for advantaged offices and positions.

What are employers not allowed to discriminate against?

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.

Who is the Equal Credit Opportunity Act regulated by?

Under the ECOA, the Federal Reserve Board is responsible for drafting and interpreting the imple menting regulation. Enforcement responsibility, how ever, rests with a creditor's functional regulator or, for any category not so assigned, with the Federal Trade Commission.

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