What are the prohibited bases of 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 do credit card companies have to disclose?
A card issuer must disclose interest rates, grace periods and all fees, such as cash advances and annual fees. The issuer is also required to remind you of an upcoming annual fee prior to a cards renewal.
What are prohibited bases under federal lending laws?
Fair lending prohibits lenders from considering your race, color, national origin, religion, sex, familial status, or disability when applying for residential mortgage loans.
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 are the three types of discrimination under ECOA?
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.
What are prohibited bases?
(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 applicants income derives from any public assistance program; or the fact that the applicant has in good faith
What information must be provided to an applicant when denying a consumer purpose loan application?
The creditor must also either provide the applicant with the specific principal reason for the action taken or disclose that the applicant has the right to request the reason(s) for denial within 60 days of receipt of the creditors notification, along with the name, address, and telephone number of the person who can
What are 6 things your credit card company must clearly disclose to consumers?
Total of payments, Payment schedule, Prepayment/late payment penalties, If applicable to the transaction: (1) Total sales cost, (2) Demand feature, (3) Security interest, (4) Insurance, (5) Required deposit, and (6) Reference to contract.