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Equal Credit Opportunity Act (ECOA) for Compliance Professionals

Description: The purpose of this course to provide students with an detailed overview  of the major aspects of ECOA/Reg B from application taking through underwriting and evaluations, to notice and record-keeping requirements.  The basic requirements of the Fair Housing Act (FHA) are also discussed. Students will learn about the Equal Credit Opportunity Act (ECOA), which is implemented by Regulation B, and about its purpose, key definitions, and how ECOA compares to the Fair Housing Act. Students will also learn about Regulation B rules relating to the credit transaction, including taking applications, evaluating applications, signature rules, and notification of action taken, in addition to Regulation B rules for furnishing of credit information, record retention, collecting government monitoring information, providing appraisal reports, and conducting self-testing. 

Students will learn through a combination of instructor videos, exercises, readings, glossaries, self-assessments and more. Students will complete the course with a final exam to earn Certified Regulatory Compliance Manager (CRCM) credits.

Audience: Compliance professionals including compliance managers, officers, and other compliance team members whose primary role is within the compliance function at their financial institution; bank examiners, bank regulators, auditors and lending compliance professionals.

Learning Objectives: After completing this course, students will gain a fundamental understanding of ECOA and learn how to:

  • Describe the purpose of the ECOA and the Fair Housing Act, and define key terms used in each
  • Identify Regulation B rules relating to the application process, from taking applications to notification of action taken
  • Describe Regulation B rules relating to the furnishing of credit information, record retention, collecting government monitoring information, providing appraisal reports and conducting self-testing

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