Our ECOA Tune-up!™ evaluates the implementation of Regulation B, the implementing regulation of the Equal Credit Opportunity Act. We assess your compliance with relevant laws, regulations, and Best Practices relating to residential mortgage banking.

Regulation B’s prohibitions apply to every aspect of an applicant’s dealings with a creditor regarding an application for credit or an existing extension of credit (including, but not limited to, information requirements; investigation procedures; standards of creditworthiness; terms of credit; furnishing of credit information; revocation, alteration, or termination of credit; and collection procedures). In keeping with the broad reach of the statute’s prohibitions, the regulation covers creditor activities before, during, and after the extension of credit.

The ECOA statute requires financial firms (and other firms engaged in the extension of credit) to make credit equally available to all creditworthy customers without regard to sex or marital status. The statute makes it unlawful for any creditor to discriminate against any applicant with respect to any aspect of a credit transaction (1) on the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract); (2) because all or part of the applicant’s income derives from any public assistance program; or (3) because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. 

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Process Scope

Presence of Prohibited Practices

Rules for Taking Applications

Rules for Evaluating Applications

Rules for Extensions of Credit

Special-Purpose Credit Programs

Disclosures

Notifications

Adverse Action

Training

Record Retention

Natural Persons Monitoring

Voluntary Self-Tests

 Process Structure

Subject Matter Expert

Entrance Interview

Document Request

Evaluation

Preliminary Report

Final Report 

Exit Interview