The Equal Credit Opportunity Act

The video tutorial discusses consumer credit discrimination, focusing on prohibited practices such as refusing credit based on race, gender, or marital status. It outlines lender obligations, including income calculation and credit history use. Non-compliance can lead to civil actions, with potential damages and enforcement by the FTC or CFPB.

What obligations do lenders have when extending credit to individuals?

What are some prohibited practices in extending credit according to the text?

What special requirements must banks follow when assessing credit applications?

How can individuals seek recourse if they believe they have been discriminated against in credit lending?

What are the potential damages an individual can recover in a civil action for discriminatory lending practices?