Chapter 3 Flashcards
1
Q
– The primary reason for the enactment of ECOA was anecdotal
evidence that _____ were not treated on an equal basis with
men when applying for credit, including their applications for
mortgages.
A
women
2
Q
In 1974, Congress enacted The Equal Credit Opportunities Act (ECOA)
A
to eliminate discriminatory
treatment of credit applicants.
3
Q
ECOA is implemented through Regulation B and
enforced by the CFPB. It must be followed when:
A
– Taking loan applications.
– Evaluating an application.
– Approving or denying a loan.
4
Q
Requires creditors to disclose to consumers what their
rights are under ECOA,
A
including a notice to the
applicant of their right to receive a copy of any
appraisal report on the property that was used in the credit
decision-making process.
