Which bases are prohibited under the ECOA?
Which bases are prohibited under the 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 …
What are the 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 …
Which activities are prohibited under ECOA 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.
What is covered under ECOA?
The ECOA covers various types of credit, including personal loans, credit cards, home loans, student loans, car loans, small business loans and loan modifications.
What is not considered a prohibited factors under ECOA?
Except as otherwise permitted or required by law, a creditor shall not consider race, color, religion, national origin, or sex (or an applicant’s or other person’s decision not to provide the information) in any aspect of a credit transaction.
How long after adverse action do creditors have to notify consumers under ECOA?
30 days
A creditor must notify the applicant of adverse action within: 30 days after receiving a complete credit application. 30 days after receiving an incomplete credit application. 30 days after taking action on an existing credit account.
What are prohibited factors?
There are nine prohibited factors under the ECOA. Most people are familiar with seven of them: gender, race, color, religion, national origin, marital status and age.
Which of the following is not considered a prohibited factors under ECOA?
What must be listed on every adverse action disclosure?
Either a statement of the specific reasons for the action taken or a disclosure of the applicant’s right to a statement of specific reasons and the name, address, and telephone number of the person or office from which this information can be obtained.
What is not protected under ECOA and FHAct?
The FHA also forbids discrimination based on race, color, religion, sex, national origin, handicaps, or familial status. That’s defined as children under 18 living with a parent or legal guardian, pregnant women, and people securing custody of children under 18.
What are the seven protected classes under ECOA?
What is a prohibited basis?
Prohibited basis means any basis upon which it is illegal to discriminate under the nondiscrimination and equal opportunity provisions of WIOA or this part, i.e., race, color, religion, sex, national origin, age, disability, political affiliation or belief, and, for beneficiaries only, citizenship status or participation in a WIOA Title I-
What is prohibited basis discrimination?
In USDA programs, discrimination is prohibited on the bases of race, color, religion, sex, age, national origin, marital status, sexual orientation, familial status, disability, limited English proficiency, or because all or a part of an individual’s income is derived from a public assistance program.
What is prohibited basis for fair lending?
Discrimination in mortgage lending is prohibited by the federal Fair Housing Act. The Fair Housing Act protects people based on race, color, national origin, religion, sex, familial status, or disability. These laws make it unlawful to engage in the following practices: Refuse to make a mortgage loan;