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The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted October 28, 1974, [1] that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to ...
At its organizational meeting held on January 30, 1989, the Appraisal Standard Board unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by ASB. USPAP may be amended, Interpreted, or retired by ASB after exposure to the users of appraisal services and the public in accordance with established rules ...
The Equal Credit Opportunity Act (ECOA) of 1974, implemented by Regulation B, requires creditors which regularly extend credit to customers—including banks, retailers, finance companies, and bank-card companies—to evaluate candidates on creditworthiness alone, rather than other factors such as race, color, religion, national origin, or sex ...
The Equal Credit Opportunity Act of 1974 (ECOA), signed by President Gerald Ford 50 years ago on Oct. 28, 1974, changed that. It prevented creditors from discriminating against an applicant ...
The Biden administration is developing a rule to require banks to ensure their home appraisal algorithms aren't racially biased, Kamala Harris said Thursday.
Ms Gloria Swanson claimed Citibank had committed race discrimination in her application for a home equity loan, because their home value appraiser unjustifiably devalued her property as she was African-American under the Fair Housing Act, 42 USC §3605, and the Equal Credit Opportunity Act, 15 USC §1691(a)(1).
Rule against perpetuities; ... Equal Credit Opportunity Act (ECOA) Equitable title; ... Real estate appraisal (property valuation, land valuation)
Also, effective for single-family mortgages made after May 1, 2009, Freddie Mac seller/servicers must represent and warrant that the appraisal report is obtained in a manner consistent with the Code. Certain types of mortgages are excluded from the Code, including: FHA/VA mortgages, Section 184 Native American mortgages, and section 502 ...