legal
ECOA (Equal Credit Opportunity Act)
ECOA is the federal law prohibiting discrimination in any credit transaction based on race, sex, age, national origin, religion, marital status, or public assistance.
Definition
What it means.
ECOA (15 U.S.C. §1691) and its implementing Regulation B cover business credit as well as consumer credit. Lenders cannot use prohibited bases in any part of underwriting, not in the application form, not in marketing, not in pricing, not in denial.
The CFPB’s Section 1071 rule requires larger commercial lenders to collect and report demographic data on small business credit applications. ICG complies with both ECOA and Section 1071; reported data is used only for regulatory purposes and is not shared with underwriters.
Now what?
Get an offer that accounts for ecoa (equal credit opportunity act).
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