Finance
The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating in credit transactions based on all of the following EXCEPT:
ARace, color, religion
BMarital status, age
CNational origin, sex
DCurrent employment in a declining industry✓ Correct
Explanation
ECOA prohibits discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, receipt of public assistance, and good faith exercise of rights under the Consumer Credit Protection Act. Employment in a declining industry is not a protected class under ECOA.
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Key Terms to Know
Pre-Approval
A lender's conditional commitment to loan a specific amount to a borrower, based on verified income, credit, and assets.
Fair Housing ActFederal law prohibiting discrimination in the sale, rental, or financing of housing based on race, color, national origin, religion, sex, disability, and familial status.
SteeringAn illegal practice where a real estate agent directs buyers toward or away from certain neighborhoods based on the buyer's race, religion, national origin, or other protected characteristics.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
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