ECOA Flashcards
1
Q
What does ECOA stand for?
A
Equal Credit Opportunity Act
2
Q
Purpose of ECOA?
A
To eliminate discriminatory treatment of credit applicants
3
Q
Examples of specific discriminatory practices addressed by ECOA?
A
Redlining & Reverse Redlining
4
Q
Regulation that implements EOCA?
A
Regulation B
5
Q
What is adverse action?
A
Creditor’s refusal to offer credit in the amount or according o the terms requested by a loan applicant
6
Q
What are the penalties for violations of ECOA?
A
$10,000 for individual actions
The lesser of $500,000 or 1% of a creditor’s net worth in class actions
7
Q
What is the statute of limitations for filing a claim of ECOA violations?
A
5 years
