( Equal Credit Opportunity Act – Article ) ( Articles ) ( Equal Credit Opportunity Act ) Equal Credit Opportunity Act (ECOA) Overview The ECOA is a federal law enacted in 1974 to ensure that all consumers have equal access to credit without discrimination. The ECOA prohibits lenders from denying credit based on specific characteristics, promoting fair and equitable […]
Category: Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA), enacted in 1974, prohibits discrimination in lending based on characteristics such as race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. This federal law ensures that all consumers have equal access to credit by requiring lenders to assess applicants based on creditworthiness rather than discriminatory factors. Enforced by the Consumer Financial Protection Bureau (CFPB), the ECOA mandates transparency in credit denials and provides a mechanism for consumers to report violations, ultimately promoting fair lending practices and contributing to economic stability and inclusion.
( Discriminatory Lending Practices – Article ) ( Articles ) ( Discriminatory Lending Practices ) Discriminatory Lending Practices (DLP) Overview DLP refer to unfair and illegal practices that result in unequal treatment of borrowers based on characteristics such as race, ethnicity, gender, age, or other protected attributes. These practices can lead to higher interest rates, […]
( CFPB-PR241101-1 ) (11-01-24) CFPB Takes Action to Address Townstone Financial’s Unlawful Redlining – Settlement follows a significant victory for the CFPB and its fair lending authority in the U.S. Court of Appeals for the Seventh Circuit Excerpt: WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order to resolve its case against Townstone […]