#Equal credit opportunity series#

The proposed rule would amend 12 CFR Part 1002, Equal Credit Opportunity (Regulation B). The Equal Credit Opportunity Act, or ECOA, is intended to give everyone in America a fair chance at obtaining a loan. Of course, both are winning situations for the credit card company. The frequency of response is on-occasion. Either they’re shopaholics who are madly in love with their credits cards, or their shopaholics madly in love with their husband’s credit cards. Today, there are two kinds of ways today’s credit card ads handle women, as Lisa Wade at The Society Pages points out. The Act also requires creditors to provide applicants, upon request. According to a study by the Financial Industry Regulatory Authority, women pay a half a point higher interest rate than men. This Act (Title VII of the Consumer Credit Protection Act) prohibits discrimination on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance, or good faith exercise of any rights under the Consumer Credit Protection Act.

It was the first bank in the United States to be operated by women and for women, at a time when its founders said that women were given short shrift by other banks.īut despite the law, a report from 2012 found that women still pay more for credit cards. Mello, as Eric Pace reported in the New York Times obituary for Mello: The bank, a creation of the feminist movement, was established in April 1975. And, finally, in 1974-forty years ago this year-the Senate passed the Equal Credit Opportunity Act, which made it illegal to discriminate against someone based on their gender, race, religion and national origin.Ī year later, in 1975, the first women’s bank was opened by Judy H. The authority citation for part 1002 continues to read as follows: End Amendment Part Start Authority. The definition under §§ 1002.2 (p) (1) (i) through (iv) sets the criteria that a credit system must meet in order to use age as a predictive factor. 36141 (as those sections are added by this section) shall apply to a self-test (as that term is defined pursuant to the regulations.

1691c1 or section 814A of the Fair Housing Act 42 U.S.C.

#Equal credit opportunity series#

Forty years ago, any woman applying for a credit card could be asked a barrage of questions: Was she married? Did she plan to have children? Many banks required single, divorced or widowed women to bring a man along with them to cosign for a credit card, and some discounted the wages of women by as much as 50 percent when calculating their credit card limits.Īs women and minorities pushed for equal civil rights in various arenas, credit cards became the focus of a series of hearings in which women documented the discrimination they faced. PART 1002EQUAL CREDIT OPPORTUNITY ACT (REGULATION B) End Part Start Amendment Part. Official interpretation of 2 (p) Empirically derived and other credit scoring systems. (1) In general.Except as provided in paragraph (2), the privilege provided for in section 704A of the Equal Credit Opportunity Act 15 U.S.C.