Equal Credit Opportunity Act – Regulation B teaches students to evaluate an applicant’s creditworthiness within the boundaries of the Act. This course begins by describing 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. This course concludes with a discussion of other bank compliance issues, including the requirements for reporting credit information, record keeping, and the consequences of noncompliance.
