Regulation B - Equal Credit Opportunity Act (ECOA)

Duration: 60 Minutes
This training program will help attendees understand how policies created to help keep costs low and net earnings up could create a disparate impact situation in your organization. Attendees will also learn the nuances with notification requirements especially related to incomplete applications.
Equal Credit Opportunity Act
Product ID: 501638
Objectives of the Presentation
  • Notifications: Adverse Action Notices and Notice of Incompleteness
  • Disparate Impact and How to Watch For It
  • Protected Classes
  • Timing Requirements for Appraisals
  • Providing Credit Information
Why Should you Attend
ECOA covers not only equal credit opportunity for borrowers; it covers how and when borrowers should receive notifications of action taken on their application, how and when they receive appraisals if applicable, and the furnishing of credit information. In 2014, the rule required institutions to send a notice concerning the right to receive a copy of the appraisal. Each application, whether denied or originated, would see an appraisal delivered to the borrower. In 2015, with the implementation of TRID, the initial appraisal disclosure was a part of the new loan estimate form. However, the delivery requirements for the appraisal remained the same.

While the notification requirements within ECOA have been the same for quite some time, there is still much confusion and inaccurate practices around the Notice of Incompleteness, Adverse Action Notices, and how to properly withdraw applications. This webinar will be a great refresher course to re-address these rules and ensure your organization is properly handling the required notifications.

Lastly, it is always a good idea to revisit your policies and procedures to ensure your organization is not creating a disparate impact to the markets you serve. While overt discrimination is extremely rare these days, policies can create a disparate impact which could land your organization in questioning for discrimination.

Who will Benefit
  • Chief Compliance Officers
  • Compliance Officers
  • Operations Personnel
  • Loan Officers or Sales Personnel
  • Chief Risk Officers
  • Credit Risk Officers and Analysts
  • Financial Crime Risk/Compliance Managers/Officers
  • Branch Managers
Topic Background
The Equal Credit Opportunity Act's (ECOA) purpose is to require institutions that provide extensions of credit to "make credit equally available to all creditworthy customers without regard to sex or marital status." Moreover, 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."

The act has two principal theories of liability: disparate treatment and disparate impact. Disparate treatment occurs when a creditor treats an applicant differently based on a prohibited basis such as race or national origin. Disparate impact occurs when a creditor employs facially neutral policies or practices which have an adverse effect or impact on a member of a protected class unless it meets a legitimate business need which cannot reasonably be achieved by means which are less disparate in their impact.
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  • Please click on the link to access the Recorded Session
  • Presentation handouts in downloadable PDF format will be updated on your OCP Account within 24 hours of the purchase of the product
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  • Please share your valuable Feedback at the end of the session
Instructor Profile:
Kunda Kalaba is a Financial Crime Risk & Compliance Professional Consultant. He is an expert with 25 years managing public and private sector Financial Crime Compliance (FCC) specialising in Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF), Trade and Economic Sanctions, Anti-Bribery and Corruption (ABC), Customer Due Diligence (CDD), Know Your Customer (KYC), High Risk Clients such as Politically Exposed Persons (PEPs), Suspicious Activity Report Reports (SARs), Cash Transaction Reports (CTRs), Customer Transaction Surveillance, Monitoring and Periodic Reviews, Crime Intelligence Operations, Fraud Prevention and Examination, High profile case Investigations, Security, Law Enforcement Agency Operations & Liaison, Regulatory Compliance, Training and Development, executive coaching, leadership and career development.

Currently serving on the World Advisory Council of the Association of Certified Fraud Examiners (ACFE) Kunda Kalaba is also a member of the African Task Force Organising Committee, Speaker and Presenter at International Conferences for Association of Certified Anti-Money Laundering Specialists (ACAMS). Member of the Association of Certified Compliance Professionals in Africa (ACCPA). Highly skilled and versatile Kunda Kalaba is the 5th Zambian National to be Certified Fraud Examiner (CFE), 3rd Zambian to be Certified Anti-Money Laundering Specialist (CAMS) and Certified Anti-Bribery and Corruption (ABC).


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