Which of the following are protected under the ECOA?
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 protected under ECOA?
The Equal Credit Opportunity Act (ECOA) and its implementing regulations, referred to as Regulation B, ensure that creditors do not discriminate against any applicant on the basis of race, color, religion, national origin, sex, marital status, or age.
Which of the following does ECOA apply to?
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.
Which of the following are protected classes under FHAct and ECOA?
Under the Fair Housing Act, they defined a protected class as a number of things and this includes race or color, national origin, religion, sex, familial status, which includes children under 18 living at home, and handicap.
Which of the following is not a protected class under ECOA?
Final answer: Social Security is NOT included as a protected class under the Equal Credit Opportunity Act, making option D the correct answer.
What is ECOA?
27 related questions found
What are the 14 protected categories?
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.
What is an example of an ECOA violation?
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.
Who is not protected under the Fair Housing Act?
The Fair Housing Act affords no protections to individuals with or without disabilities who present a direct threat to the persons or property of others.
What are some of the prohibited factors covered under ECOA Fhact?
- race or color.
- national origin.
- religion.
- sex.
- marital status.
- age.*
- applicant’s receipt of income from a public assistance program.
- applicant’s exercise, in good faith, of any right under the Consumer Credit Protection Act.
What are the protected classes under the FCRA?
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.
What types of transactions are covered under ECOA?
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.
What is considered an application under ECOA?
The Equal Credit Opportunity Act (ECOA) via Regulation B Section 202.2 defines application as follows: “Application means an oral or written request for an extension of credit that is made in accordance with procedures established by a creditor for the type of credit requested.
Which activities are prohibited under ECOA?
- Discriminatory Credit Practices Defined. ECOA prohibits discrimination in any aspect of a credit transaction. .
- Applicant Marital Status. .
- Applicant Age. .
- Income Consideration. .
- Redlining. .
- Indirect Lending.
What is the ECOA coverage?
The purpose of ECOA is to promote 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); because all or part of the applicant’s income derives from any public assistance .
What types of loans does ECOA cover?
ECOA applies to various types of loans including car loans, credit cards, home loans, student loans, and small business loans.
What information must be included in an adverse action notice?
The range of possible credit scores; All the key factors that adversely affected the credit score 22 ; The date on which the credit score was created; and. The name of the person or entity providing the credit score or the information upon which score was created.
Which of the following is a protected class under the ECOA?
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 protected under FHAct and ECOA?
Under the ECOA, it is unlawful for a lender to discriminate on a prohibited basis in any aspect of a credit transaction, and under both the ECOA and the FHAct, it is unlawful for a lender to discriminate on a prohibited basis in a residential real-estate-related transaction.
What does ECOA protect borrowers based on?
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 not protected by the Fair Housing Act?
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.
What is protected under the Fair Employment and Housing Act?
The Fair Employment and Housing Act (California Government Code Section 12900-12951 & 12927-12928 & 12955 – 12956.1 & 12960-12976) provides protection from harassment or discrimination in employment because of: age (40 and over), ancestry, color, creed, denial of family and medical care leave, disability (mental and .
Which classification is not protected under federal fair housing law?
The protected classes under Federal Fair housing are race, color, sex, religion, national origin, familial status, and disability. Familial status includes a pregnant woman. Marital status is NOT included.
What is the ECOA rule?
” 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 .
What questions should you avoid on ECOA?
Your marital status cannot be used against you when evaluating your credit application. Any questions about your race, ethnicity and gender cannot be used as a reason to approve or deny your credit application. Creditors have to provide equal information to all borrowers throughout the entire transaction.
What is a disparate impact under ECOA?
Disparate treatment occurs when a creditor treats an applicant differently based on a prohibited basis such as race or national origin.
What classes does ECOA 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.
Which of the following are protected under the ECOA?
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 .
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 .
Who is covered by ECOA?
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.
What are the protected classes under the FCRA?
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.
What is ECOA?
43 related questions found
What classes are protected by the ECOA?
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 are the 6 protected classes?
Protected Classes
- Race.
- Color.
- Religion (includes religious dress and grooming practices)
- Sex/gender (includes pregnancy, childbirth, breastfeeding and/ or related medical conditions)
- Gender identity, gender expression.
- Sexual orientation.
- Marital status.
Who is protected under FHAct and ECOA?
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.
What types of transactions are covered under ECOA?
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.
Which of the following does ECOA apply to?
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.
What falls under equal opportunity?
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.
What groups are protected by the Equal Protection Clause?
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.
Which of the following is not included as a protected class by the Equal Credit Opportunity Act?
Final answer: Social Security is NOT included as a protected class under the Equal Credit Opportunity Act, making option D the correct answer.
What is the ECOA rule?
” 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 .
What are the three types of fair 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 is an example of an ECOA violation?
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.
What categories are protected by ECOA?
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 .
What are three categories under ECOA on which creditors may not base credit decisions?
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.
What types of loans are not subject to regulation Z?
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.
Which classes are protected under both the Fair Housing Act and the Equality credit Opportunity Act?
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.
Which of the following is not a protected class under the fha?
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.
Which of the following is not a prohibited basis under ECOA?
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.
What are the 21 protected classes?
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.
What are the 9 protected groups?
The nine protected characteristics are:
- age.
- disability.
- gender reassignment.
- marriage and civil partnership.
- pregnancy and maternity.
- race.
- religion or belief.
- sex.
What are the 7 federal protected classes?
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).
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