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Disparate Impact Theory Is Factor In ECOA Lawsuits.(Equal Credit Opportunity Act )(Brief Article)
The law firm of Stroock & Stroock & Lavan has noted a new wave of class-action lawsuits under the Equal Credit Opportunity Act alleging that nationwide, minority classes of consumers pay higher overall interest rates than similarly situated non-minority borrowers.
The plaintiffs in the suits do not allege intentional discrimination, according to Stroock, but instead rely upon a controversial legal premise known as "disparate impact" theory.
In an article authored by Stroock attorneys Julia Strickland and Lisa Simonetti, the law firm said the issue of assignee liability under ECOA is a point of contention. Generally, assignees can avoid ...
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- Magazine article from: Business Credit Thorne, Deborah Zorilla, Krista Steinmetz March 1, 2008 700+ words
The Equal Credit Opportunity Act (the "ECOA" or the "Act") subtly pervades many aspects...can take to help manage their liability risks. What Is the Equal Credit Opportunity Act? The ECOA is a subchapter of the Federal Consumer Credit...
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- Magazine article from: Business Credit Blakeley, Scott October 1, 2003 700+ words
...selling on credit sign the joint personal guarantee. You also obtain a spousal release of claims under the Equal Credit Opportunity Act (ECOA). You authorize the first-time credit sale to the corporation, and the corporation fails to...
- The Equal Credit Opportunity Act: New (And Confusing) Changes Are on The...
- Magazine article from: Business Credit TATELBAUM, CHARLES M. November 1, 1999 700+ words
The Federal Reserve Board which is charged with promulgating the rules and regulations with respect to the Equal Credit Opportunity Act (ECOA) has issued proposed changes to what is known as Regulation B which implements the ECQA. All interested...
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- Magazine article from: Origination News Sichelman, Lew April 1, 2001 700+ words
Mortgage brokers who don't pay attention to the Equal Credit Opportunity Act could find themselves in a legal pickle, according to an attorney well versed in the law. Some brokers take the stance that...
- Updated credit reg helps business. (Regulation B of Equal Credit Opportunity...
- Magazine article from: National Petroleum News Borenkind, Sam May 1, 1990 700+ words
Updated Credit Reg Helps Business The Equal Credit Opportunity Act is part of the Consumer Credit Protection Act passed by Congress on Oct. 28, 1974. Section 703 of the Act directed the Federal...
- NACM representatives meet with the Federal Reserve Board on the Equal Credit...
- Magazine article from: Business Credit Tatelbaum, Charles M. October 1, 1999 700+ words
...representing the Board of Governors of the Federal Reserve Board in order to clarify issues surrounding the Equal Credit Opportunity Act (ECOA) and guaranties of spouses dealing with the extension of business credit. Participating for NACM...
- The fair lending laws and their enforcement. (Fair Housing Act of 1968; Equal...
- Magazine article from: Economic Quarterly Walter, John R. September 22, 1995 700+ words
...markets. Two different federal laws deal with discrimination in lending: the Fair Housing Act (FHAct) and the Equal Credit Opportunity Act (ECOA). These fair lending laws prohibit lenders from discriminating in credit transactions on the basis...
- Appraisals must be provided to home-loan borrowers. (changes to Equal Credit...
- Magazine article from: ABA Banking Journal Cocheo, Steve February 1, 1994 700+ words
Under changes made to the Equal Credit Opportunity Act by the FDIC Improvement Act, lenders must provide. borrowers with copies of appraisal reports used in evaluating mortgage...
Source: HighBeam Research, Disparate Impact Theory Is Factor In ECOA Lawsuits.(Equal Credit...