Equal Credit Opportunity Act (Reg B)
Description: Equal Credit Opportunity Act (Reg B) describes the purpose and coverage of the ECOA, and then reviews what a bank and its employees must do when taking and processing loan applications, including acceptable factors. This course explains the prohibited bases for evaluating an application and required notifications. It concludes with a discussion of other bank compliance issues, including the requirements for reporting credit information, record keeping, and the consequences of noncompliance.
Audience: Bank personnel involved in the process of gathering information for credit transactions.
Learning Objectives: After completing this course, students will be able to:
- Explain the purpose of ECOA and what it covers
- Identify the point at which an inquiry turns into an application and what applicant requests are prohibited
- Describe what banks must do to comply with ECOA when processing and evaluating credit applications
- Identify reporting and record keeping requirements, as well as the consequences of noncompliance