ECOA and Regulation B restrict the type of data that could be required of applicants during a software for credit.
Equal Credit chance Act/ Regulation B Illegal discrimination might occur each time a bank has both payday along with other short-term lending programs that function significantly various interest rate or prices structures. Examiners should figure out to whom these products are marketed, and just how the rates or charges for every single scheduled system are set, and whether there was proof prospective discrimination. Payday lending, like other kinds of financing, can also be vunerable to discriminatory methods such as for example discouraging applications, asking for information or evaluating applications for a prohibited foundation. Then it is illegally discriminating against applicants whose income derives from public assistance if the lender requires that a borrower have income from a job, and does not consider income from other sources such as social security or veterans benefits. (mehr …)