FinancingLending_discriminationEASY
A lender requires a married woman to have her husband co-sign a mortgage application, even though the woman independently qualifies based on her own income and credit. Which federal law does this practice violate?
Correct Answer
B) Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act prohibits requiring a co-signer based on marital status when the applicant independently qualifies. Marital status is a prohibited basis for credit decisions under ECOA.
Answer Options
A
Community Reinvestment Act (CRA)B
Equal Credit Opportunity Act (ECOA)C
Home Mortgage Disclosure Act (HMDA)D
Regulation ZWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
lending_discriminationfinancingecoamarital_status
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