Does fair lending apply to credit unions?
Yes, NCUA conducts fair lending examinations in accordance with the Federal Financial Institutions Examination Council Interagency Fair Lending Examination Procedures. Credit unions can download the procedures from NCUA’s website on the Fair Lending Compliance Resources page.
Can a credit union discriminate?
The Equal Credit Opportunity Act (“ECOA”) prohibits credit unions from discriminating in lending practices on the basis of sex and marital status, among other protected classes.
What do the fair lending rules cover?
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.
What is prohibited by fair lending laws?
These fair lending laws prohibit lenders from discriminating in credit transactions on the basis of race, color, national origin, religion, sex, and other specified grounds.
What is covered under the Equal Credit Opportunity Act?
This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.
What are the 3 fair lending laws?
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.
What does the Equal Credit Opportunity Act require?
What are three reasons you can be denied credit according to the Equal Credit Opportunity Act?
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.
Who regulates the Equal Credit Opportunity Act?