What are prohibited bases?
(z) Prohibited basis means race, color, religion, national origin, sex, marital status, or age (provided that the applicant has the capacity to enter into a binding contract); the fact that all or part of the applicant’s income derives from any public assistance program; or the fact that the applicant has in good faith …
Which of the following are prohibited basis for discrimination under the Equal Credit Opportunity Act?
prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, because an applicant receives income from a public assistance program, or because an applicant has in good faith exercised any right under the Consumer Credit Protection …
Which activities are prohibited under ECOA quizlet?
Terms in this set (29) The Equal Credit Opportunity Act (ECOA) prohibits discrimination in the granting of credit based on race, color, religion, national origin, sex, marital status, age or receipt of public assistance.
What is covered under ECOA?
The Equal Credit Opportunity Act was enacted in 1974 and is detailed in Title 15 of the United States Code. The ECOA covers various types of credit, including personal loans, credit cards, home loans, student loans, car loans, small business loans and loan modifications.
What activities are prohibited under ECOA?
Except as otherwise permitted or required by law, a creditor shall not consider race, color, religion, national origin, or sex (or an applicant’s or other person’s decision not to provide the information) in any aspect of a credit transaction.
What are the 9 prohibited bases of Regulation B?
There are nine prohibited factors under the ECOA. Most people are familiar with seven of them: gender, race, color, religion, national origin, marital status and age.
Which of these are prohibited basis for discrimination?
General Prohibitions California and federal laws already prohibit employers and businesses from discriminating against individuals on the basis of race, gender, age, religion and disability, among other protected classifications.
What are the Nine prohibited bases of Reg B?
What must be listed on every adverse action disclosure?
Either a statement of the specific reasons for the action taken or a disclosure of the applicant’s right to a statement of specific reasons and the name, address, and telephone number of the person or office from which this information can be obtained.
Which Act requires the lender to provide the borrower a reason for rejection of credit in writing within 30 days of loan application?
Benefits of Regulation B (Reg B) Redlining has often been used to discriminate against Black Americans. Reg B also helps anyone who is denied credit by requiring lenders to give them an explanation. Errors in credit reports are fairly common, and many people only find out about them after being denied credit.
Which activities are prohibited under ECOA?
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.
What is a prohibited basis?
Prohibited basis means any basis upon which it is illegal to discriminate under the nondiscrimination and equal opportunity provisions of WIOA or this part, i.e., race, color, religion, sex, national origin, age, disability, political affiliation or belief, and, for beneficiaries only, citizenship status or participation in a WIOA Title I-
What is prohibited basis discrimination?
In USDA programs, discrimination is prohibited on the bases of race, color, religion, sex, age, national origin, marital status, sexual orientation, familial status, disability, limited English proficiency, or because all or a part of an individual’s income is derived from a public assistance program.
What is prohibited basis for fair lending?
Discrimination in mortgage lending is prohibited by the federal Fair Housing Act. The Fair Housing Act protects people based on race, color, national origin, religion, sex, familial status, or disability. These laws make it unlawful to engage in the following practices: Refuse to make a mortgage loan;
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