The federal law that requires banks to notify in writing to their credit customers when a loan request is denied is known as the:

Question

Quizplus · Accepted Answer

The Equal Credit Opportunity Act (ECOA), enacted in 1974, is a federal law that prohibits credit discrimination based on race, color, religion, national origin, sex, marital status, or age. One of the requirements of the ECOA is that banks must notify their credit customers in writing when a loan request is denied. This notification must include the specific reasons for the denial and the customer's right to obtain a free copy of their credit report within 60 days. Therefore, option A is the correct answer.

The Federal Law That Requires Banks to Notify in Writing