Description
Fair lending laws and their implementing regulations are:
• Equal Credit Opportunity Act (ECOA) and 12 CFR part 202 (regulation B)
• Fair Housing Act (FHA) and CFR part 100
The ECOA expressly prohibits discrimination in any aspect of a loan transaction, and it applies to all extensions of credit.
Financial service providers should make their potential borrowers aware that their firm adheres to fair lending practices. This should be done at application by giving the potential borrower a copy of the firms Fair Lending Policy. This should be made part of the firms best business practices.
Let Majestic Security write a Fair Lending Policy for your firm.
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