Program Description:
This AIB course teaches students to evaluate an
applicant’s creditworthiness within the boundaries of
the Equal Credit Opportunity Act. The course begins
by describing the purpose and coverage of the ECOA,
and then reviews what a bank and its employees must
do regarding the taking and processing of loan
applications, including acceptable factors. Students
will learn about prohibited bases for evaluating an
application and required notifications. The course
concludes with a discussion of other bank compliance
issues, including the requirements for reporting credit
information, record keeping, and the consequences
for noncompliance.
After successfully completing this course, the student will be able to:
- Explain the purpose of the Equal Credit
Opportunity Act and what it covers
- Describe what banks must do to comply with the ECOA when making credit available
- Describe what banks must do to comply with the ECOA when processing a credit application
- Identify reporting and record keeping requirements, as well as the consequences for
noncompliance
Who Should Attend:
Any bank personnel involved in promoting loans, or
gathering or processing information during the
lending process.
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