Equal Credit chance Act/ Regulation B Illegal discrimination might occur whenever a bank has both payday along with other short-term financing programs that feature substantially various interest rate or prices structures. Examiners should figure out to who the merchandise are marketed, and exactly how the prices or costs for every system are set https://badcreditloans4all.com/payday-loans-ca/yuba-city/, and whether there was proof of prospective discrimination. Payday lending, like other types of financing, normally vunerable to discriminatory methods such as discouraging applications, asking for information or evaluating applications for a basis that is prohibited. 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. Read more ›
ECOA and Regulation B restrict the type of data that could be required of candidates during a credit card applicatoin for credit.
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