Asked By: Bryan Allen Date: created: Aug 08 2021

What are the 3 types of lending discrimination

Answered By: Alex Barnes Date: created: Aug 09 2021

Three lending discrimination types

  • → Overt.
  • → Disparate impact.
  • → Disparate treatment.
Asked By: Kevin Jackson Date: created: May 09 2022

What regulations are part of fair lending

Answered By: Jake Morgan Date: created: May 12 2022

What is fair lending? Fair lending prohibits lenders from considering your race, color, national origin, religion, sex, familial status, or disability when applying for residential mortgage loans. Fair lending guarantees the same lending opportunities to everyone.

Asked By: Albert Rivera Date: created: Jan 21 2022

What is the purpose of Reg B

Answered By: Fred Diaz Date: created: Jan 24 2022

Regulation B prohibits creditors from requesting and collecting specific personal information about an applicant that has no bearing on the applicant's ability or willingness to repay the credit requested and could be used to discriminate against the applicant.

Asked By: Daniel Bell Date: created: Jun 06 2022

Which regulation implements the ECOA act

Answered By: Logan Long Date: created: Jun 06 2022

The Equal Credit Opportunity Act (ECOA), which is implemented by Regulation B, applies to all creditors. When originally enacted, ECOA gave the Federal Reserve Board responsibility for prescribing the implementing regulation.

Asked By: Oliver Adams Date: created: Aug 02 2022

What procedures conduct fair lending review by the FDIC

Answered By: Caleb Thompson Date: created: Aug 04 2022

The courts have recognized three methods of proof of lending discrimination under the ECOA and the FHAct: Overt evidence of disparate treatment; • Comparative evidence of disparate treatment; and • Evidence of disparate impact.

Asked By: Stanley Garcia Date: created: Aug 28 2021

Which of the following is a fair lending best practice

Answered By: Francis Lewis Date: created: Aug 30 2021

4 Fair Lending Best Practices – Proactively Address Risk

  • Develop Written Fair Lending Policies and Procedures:
  • Identify Risks by Conducting Periodic Fair Lending Risk Assessment.
  • Develop a Fair Lending Program Based on Results of Risk Assessments.
  • Stay Current of Fair Lending Developments.
Asked By: Alan Phillips Date: created: May 06 2022

Which law requires lenders to provide lending data to the CFPB

Answered By: Adam Gonzalez Date: created: May 09 2022

The Home Mortgage Disclosure Act (HMDA) requires many financial institutions to maintain, report, and publicly disclose loan-level information about mortgages.

Asked By: Raymond Thomas Date: created: Jul 11 2021

What three federal laws offer protection against lending discrimination

Answered By: Evan Thomas Date: created: Jul 12 2021

Today, three federal laws offer protection against lending discrimination: The Fair Housing Act (FHA)1. The Equal Credit Opportunity Act (ECOA)2. The Community Reinvestment Act (CRA)3.

Asked By: Connor Scott Date: created: Nov 22 2021

What is an example of lending discrimination

Answered By: Herbert Miller Date: created: Nov 22 2021

Examples of Lending Discrimination
Providing a different customer service experience to mortgage applicants depending on their race, color, religion, sex (including gender identity and sexual orientation), familial status, national origin or disability.

Asked By: Isaiah Hill Date: created: Oct 26 2021

What is unfair treatment in lending

Answered By: Cody Morris Date: created: Oct 27 2021

Illegal disparate treatment occurs when a lender bases its lending decision on one or more of the prohibited discriminatory factors covered by the fair lending laws, for example, if a lender offers a credit card with a limit of $750 for applicants age 21 through 30 and $1,500 for applicants over age 30.

Asked By: Nathaniel Butler Date: created: Mar 27 2022

Whats the difference between disparate treatment and disparate impact

Answered By: Albert Griffin Date: created: Mar 29 2022

Both disparate impact and disparate treatment refer to discriminatory practices. Disparate impact is often referred to as unintentional discrimination, whereas disparate treatment is intentional. The terms adverse impact and adverse treatment are sometimes used as an alternative.

Asked By: Miguel Powell Date: created: May 19 2022

What are examples of disparate treatment

Answered By: Roger James Date: created: May 19 2022

The following cases are disparate treatment examples in the categories of Age, Sex and Race Discrimination.

  • Age Discrimination. “JPL systemically laid off employees over the age of 40 in favor of retaining younger employees.
  • Sex Discrimination.
  • Race Discrimination.
  • Age Discrimination.
  • Sex Discrimination.
  • Race Discrimination.
Asked By: Steven Murphy Date: created: Aug 11 2022

What is redlining in lending

Answered By: Kyle Nelson Date: created: Aug 13 2022

Redlining. Redlining is the practice of denying a creditworthy applicant a loan for housing in a certain neighbor hood even though the applicant may otherwise be eligible for the loan.

Asked By: Bruce Clark Date: created: Apr 05 2022

What are the fair lending regulations

Answered By: Adam Parker Date: created: Apr 06 2022

Under the ECOA, it is unlawful for a lender to discriminate on a prohibited basis in any aspect of a credit transaction, and under both the ECOA and the FHAct, it is unlawful for a lender to discriminate on a prohibited basis in a residential real-estate-related transaction.

Asked By: Nathaniel Roberts Date: created: Sep 18 2021

What is disparaging treatment

Answered By: Rodrigo Lee Date: created: Sep 21 2021

Disparate treatment is a way to prove illegal employment discrimination. An employee who makes a disparate treatment claim alleges that he or she was treated differently than other employees who were similarly situated, and that the difference was based on a protected characteristic.

Asked By: Evan Hernandez Date: created: Jun 20 2021

What is Consumer Credit discrimination

Answered By: Clifford Moore Date: created: Jun 21 2021

What is credit discrimination? The Equal Credit Opportunity Act makes it illegal for a creditor to discriminate in any aspect of credit transaction based on certain characteristics. In addition, the Fair Housing Act makes many discrimination practices in home financing illegal.

Asked By: Ralph Foster Date: created: Jan 09 2022

What is a red flag for an Equal Credit Opportunity Act violation

Answered By: Jeffery Washington Date: created: Jan 11 2022

ECOA violations. 1. The lender changes its story after meeting a client face-to-face after telephone conversation approval. 2. There is any indication that the loan is denied based on personal status.

Asked By: Colin Rivera Date: created: Jul 31 2021

What are the three statutes that support fair lending practices

Answered By: Jacob Ramirez Date: created: Aug 01 2021

Fair Lending Laws

  • Equal Credit Opportunity Act (ECOA) This law affects every phase of the lending process and prohibits discrimination on the basis of:
  • Fair Housing Act (FHA)
  • Americans With Disabilities Act (ADA)
  • Civil Rights Act of 1866.
  • Home Mortgage Disclosure Act (HMDA)

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