EQUAL CREDIT OPPORTUNITY ACT - REGULATION B

ABA eLearning Self-paced online course
Price: $95 members; $130 non-members ENROLL NOW
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Course Credits:  AIB: 0;  ICB: 2.0 CLBB

Course Description:  This 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 Equal Credit Opportunity Act 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 from 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 of noncompliance.

Audience:  Any employee involved in the process of gathering information for credit transactions

Learning Objectives:  After completing this course, students 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 Equal Credit Opportunity Act when making credit available.

·         Describe what banks must do to comply with the Equal Credit Opportunity Act when processing a credit application.

·         Identify reporting and record keeping requirements, as well as the consequences for noncompliance.

Note:  This course is not approved for Mortgage Loan Originator training.