Term
| What is ECOA also known as? When was it established? |
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Definition
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Term
| Why was ECOA established? |
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Definition
| to ensure that companies engaging in the extension of credit do so justly and without discrimination based on sex or marital status. |
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Term
| What is the primary administrative agency that handles ECOA? |
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Definition
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Term
| What is an appication under ECOA? |
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Definition
| An oral or written request for an extension of credit that is made in accordance with the procedures established by a creditor for the type of credit requested. |
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Term
| What does ECOA require lenders to request? |
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Definition
Race or national origin
Sex
Marital Status
Age |
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Term
| True or false, regulation B requires that the applicant complete a written application. |
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Definition
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Term
| It is unlawful for any creditor to discriminate against any applicant, in any aspect of a credit transaction based on what factors? |
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Definition
Race
Color
Religion
National Origin
Sex
Marital Status
Age (unless under 18)
Because all or part of income derives from public assistance
Because the applicant has in good faith exercised any right under the ECOA. |
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Term
| If an applicant chooses not to provide the information regarding race, sex, etc., what must the creditor do? |
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Definition
| He must note on the form, to the extent possible, the race and sex of the applicant on the basis of visual observation. |
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Term
| When must a creditor notify an applicant of an action on the application (including an adverse action)? |
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Definition
| Within 30 days after receiving a completed application. |
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Term
| True or false. The "statement of reasons" for an adverse action can be given over the phone. |
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Definition
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Term
| How long must records be kept that prove compliance with ECOA? |
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Definition
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Term
| Entities making business or commercial loans must maintain records or other data relating to those loans for how long? Why? |
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Definition
| 1 year. To prove compliance with ECOA. |
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Term
| What is the maximum individual damages award possible under ECOA laws? |
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Definition
| 10K for each occurence plus actual damages, court costs, and attorney fees. |
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