Regulation B - Equal Credit Opportunity Act (ECOA)

Instructor: Craig M Taggart
Product ID: 705524
  • Duration: 90 Min
This training program will help attendees understand how policies created to help keep costs low and net earnings up could create a disparate impact situation in your organization. Attendees will also learn the nuances with notification requirements especially related to incomplete applications.
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Why Should You Attend:

ECOA covers not only equal credit opportunity for borrowers; it covers how and when borrowers should receive notifications of action taken on their application, how and when they receive appraisals if applicable, and the furnishing of credit information. In 2014, the rule required institutions to send a notice concerning the right to receive a copy of the appraisal. Each application, whether denied or originated, would see an appraisal delivered to the borrower. In 2015, with the implementation of TRID, the initial appraisal disclosure was a part of the new loan estimate form. However, the delivery requirements for the appraisal remained the same.

While the notification requirements within ECOA have been the same for quite some time, there is still much confusion and inaccurate practices around the Notice of Incompleteness, Adverse Action Notices, and how to properly withdraw applications. This webinar will be a great refresher course to re-address these rules and ensure your organization is properly handling the required notifications.

Lastly, it is always a good idea to revisit your policies and procedures to ensure your organization is not creating a disparate impact to the markets you serve. While overt discrimination is extremely rare these days, policies can create a disparate impact which could land your organization in questioning for discrimination.

Areas Covered in the Webinar:

  • Analyze the psychology of the interview process
  • Organize interviews effectively
  • Utilize interview techniques tailored for specific situations
  • Employ various interview questions and know when to do so
  • Recognize legal pitfalls encountered during interviews
  • Notifications: Adverse Action Notices and Notice of Incompleteness
  • Disparate Impact and How to Watch For It
  • Protected Classes
  • Timing Requirements for Appraisals
  • Providing Credit Information

Who Will Benefit:

  • Chief Compliance Officers
  • Compliance Officers
  • Operations Personnel
  • Loan Officers or Sales Personnel
  • Branch Managers
  • Bank and financial institution auditors
  • Controllers and corporate human resources managers
  • Forensic and management accountants, accounts payable and financial analysts
  • Governance, risk management and compliance officers
  • Internal and external auditors, CPAs and CAs
  • Certified Fraud Examiners and other anti-fraud professionals
Instructor Profile:
Craig M Taggart

Craig M Taggart
Managing Director, BCC Capital Partners

Craig Taggart has almost a decade of experience in the fields of mergers and acquisitions and business financing. Mr. Taggart works strategically with his clients to achieve the highest value for their business within the capital markets. His experience with BCC Capital Partners in the M&A industry has greatly contributed to his understanding of transaction structure, strategic placement of buyers, and the attainment of maximum market value for his clients. He has represented and sold many businesses in a number of different industries and has significant experience working with companies in: continuing education, transportation, software and professional services. Mr. Taggart is currently working in the clean energy sector that covers multiple initiatives within M&A and corporate development.

He is a certified merger and acquisition advisor, accredited valuation analyst as well as an active member of Alliance of Mergers and Acquisition, and The National Association of Certified Valuators and Analysts (NACVA). His knowledge and expertise also extends to systems such as: Software as a Service (SaaS), and ERP and CRM systems (Netsuite, Salesforce, Sage 100, 500, X3 ERP). Mr. Taggart has been a certified fraud examiner since 2011 and has previously worked at Deloitte with their quality risk management team.

He earned his MBA from the San Diego State University specializing in financial management. Mr. Taggart graduated from the California State University Northridge with a bachelor’s degree majoring in organizational psychology.

Topic Background:

The Equal Credit Opportunity Act’s (ECOA) purpose is to require institutions that provide extensions of credit to “make credit equally available to all creditworthy customers without regard to sex or marital status.” Moreover, the statute makes it unlawful for “any creditor to discriminate against any applicant with respect to any aspect of a credit transaction.

  1. On the basis of race, color, religion, national origin, sex or marital status, or age (provided the applicant has the capacity to contract).
  2. Because all or part of the applicant’s income derives from any public assistance program.
  3. Because the applicant has in good faith exercised any right under the Consumer Credit Protection Act

The act has two principal theories of liability: disparate treatment and disparate impact. Disparate treatment occurs when a creditor treats an applicant differently based on a prohibited basis such as race or national origin. Disparate impact occurs when a creditor employs facially neutral policies or practices which have an adverse effect or impact on a member of a protected class unless it meets a legitimate business need which cannot reasonably be achieved by means which are less disparate in their impact.

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Refund Policy

Registrants may cancel up to two working days prior to the course start date and will receive a letter of credit to be used towards a future course up to one year from date of issuance. ComplianceOnline would process/provide refund if the Live Webinar has been cancelled. The attendee could choose between the recorded version of the webinar or refund for any cancelled webinar. Refunds will not be given to participants who do not show up for the webinar. On-Demand Recordings can be requested in exchange.

Webinar may be cancelled due to lack of enrolment or unavoidable factors. Registrants will be notified 24hours in advance if a cancellation occurs. Substitutions can happen any time.

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