Check Your Understanding Answers
- What does the Equal Credit Opportunity Act prohibit?
Discrimination against applicants on the basis of race, color, religion, national origin, sex, marital status, age, or dependency on public assistance
- Why was the Community Reinvestment Act passed?
To prevent redlining and to encourage banks and thrifts to help meet the credit needs of all segments of their communities, including low- and moderate-income neighborhoods
- According to the Fair Credit Reporting Act, from whom must a lender seek authorization to get a consumer’s credit report?
The consumer
- What does the Home Mortgage Disclosure Act require?
That lenders report statistical information each year to insure that lenders are not restricting loans to certain individuals or neighborhoods to exclude them from obtaining a mortgage
