As we honor Martin Luther King Jr. today and his fight for civil rights, we want to let you know that, when it comes to lending, there is no discrimination.
The Federal Equal Credit Opportunity Act prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age (provided the applicant has the capacity to enter into a binding contract); because all or part of the applicant’s income derives from any public assistance program; or because the applicant has in good faith exercised any right under the Consumer Credit Protection Act. The Federal Agency that administers compliance with this law is the Office of the Comptroller of the Currency, Customer Assistance Group, 1301 McKinney Street, Suite 3710, Houston, TX 77010.
Pursuant to the Home Mortgage Disclosure Act (HMDA), lenders collect race and ethnicity information to ensure applicants are treated fairly and the housing needs of communities and neighborhoods are being fulfilled.
Applicants are asked their demographic information in order to monitor compliance with equal credit opportunity, fair housing, and home mortgage disclosure laws. You are not required to provide this information, but are encouraged to do so. The law provides that lenders may not discriminate on the basis of this information.
If you have any questions on any of these laws, please contact us.
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