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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 ...
In September 1994, President Bill Clinton signed into law the Home Ownership and Equity Protection Act of 1994, written by US Rep. Joseph P. Kennedy (D-Mass). The law requires certain disclosures and clamps restrictions on lenders of high-cost loans.
Mortgage discrimination or mortgage lending discrimination is the practice of banks, governments or other lending institutions denying loans to one or more groups of people primarily on the basis of race, ethnic origin, sex or religion.
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 ...
What is the Truth in Lending Act? The Truth in Lending Act (TILA) is a federal law that aims to promote transparency and protect consumers in credit transactions.
This week marks the 50th anniversary of the Equal Credit Opportunity Act, the legislation that for the first time made it illegal for banks to require women to have a male cosigner to receive a ...
While there's no law in place that specifically addresses retirement discrimination for borrowers, the Equal Credit Opportunity Act (ECOA) prohibits mortgage lenders from discriminating based on ...
Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) is a proposal for bank regulation in the United States under Federal Reserve Regulation AA. The Board of Governors of the Federal Reserve System announced in a press release on Saturday, May 2, 2008, that the proposed rules, "prohibit unfair practices regarding credit cards and overdraft services that would, among other provisions ...