Description

This course provides an overview of purpose, applicability and prohibitions against illegal discrimination of the Equal Credit Opportunity Act and Regulation B, and explains how they apply throughout the credit cycle. This course explains the “prohibited bases” for denying or pricing credit, and how the regulation applies to various aspects of the lending process such as applications, information requests, application evaluations and notifications of about creditor actions.

What You’ll Learn

After completing this course, students will be able to:

Describe who must comply with Regulation B
Explain illegal discrimination
Describe the regulatory requirements regarding the treatment of persons before they apply for a loan and throughout the application process
Recognize the information creditors may not request or use in evaluating a credit application or modifying or closing an existing one
Describe other provisions including when and what information creditors must provide when they take action on a credit application or existing credit account
Explain when creditors are permitted to obtain spousal signatures
Explain Regulation B’s obligations for creditors that furnish consumer credit information to consumer reporting agencies