Equal Credit Opportunity Act
The purpose of this policy and procedure guide is to address the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B requirements.
Overview
The AllRegs® Equal Credit Opportunity Act Policy and Procedure Guide assists financial institutions in ensuring credit is made equally available to all creditworthy customers without regard to discrimination on any prohibited basis.
The Equal Credit Opportunity Act Guide addresses the following topics:
- Prohibited discrimination practices
- Written applications, including origination and loss mitigation
- Consumer disclosures, including foreign language disclosures
- Electronic delivery
- Requests for information
- Evaluation of credit
- Special purpose credit programs
- Action taken notification
- Information for government monitoring
- Appraisal and other valuations
- Furnishing of credit information
- Operational compliance
- Record retention
- Best practices
Benefits
The policy features the following benefits:
- Supports strong operational practices and preparedness
- Explains roles and responsibilities
- Explains what to expect and how to work with auditors
- Provides practical guidance for managing the audit process from within
- Features an audit tracking spreadsheet as an optional tool
Optional Services
Maintenance: Receive regular and ongoing industry updates to keep your guide within regulatory requirements.
Publishing: Publish your guide, including your company procedures, in AllRegs Online.
Contact your account manager for information regarding these optional services!
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Equal Credit Opportunity Act
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