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The Equal Credit Opportunity Act & Regulation B

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Tyrone just submitted a fully completed credit application for a loan. When must the creditor advise him of its determination?

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1. Glenn was denied credit. How much time does he have to ask the reason why and get an answer?

2. The Equal Credit Opportunity Act is implemented through ____.

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About This Quiz & Worksheet

The Equal Credit Opportunity Act (ECOA) is an important piece of legislation, and you can utilize this worksheet and interactive quiz to check what you know about it. Practice questions will look at the ECOA's implementation, prohibitions and violations, as well as rights of applicants.

Quiz & Worksheet Goals

In this quiz, questions will discuss:

  • When a loan application's status must be determined
  • The implementation of ECOA
  • What discrimination is prohibited by ECOA
  • The maximum award for a violation of ECOA
  • Amount of time to inquire about rejection

Skills Practiced

These assessments will have you demonstrate your skill in:

  • Interpreting information - verify that you can read information regarding creditor determination and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the implementation of the ECOA
  • Information recall - access the knowledge you've gained regarding categories of discrimination prohibited by the ECOA

Additional Learning

Learn more about this civil rights legislation through the complementary lesson on the subject, named The Equal Credit Opportunity Act & Regulation B. This lesson will cover the following goals:

  • Explain how the ECOA is enforced and by whom
  • Understand the function of the ECOA and why it was created
  • Identify the rights that are given to people seeking credit by the ECOA
  • Know what can be done in the case of a violation of the ECOA
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