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Banking Videos 367 videos

Finance: What is Liquidity?
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What is liquidity? Think: water. It's liquid. It can be squeezed into little, tiny spaces and infused into large spaces. A defining trait of liquid...

Finance: What are Return on Equity and Return on Assets?
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What are Return on Equity and Return on Assets? Return on equity is a percentage that is found by dividing net income by shareholder’s equity. It...

Finance: What is a Balance Sheet?
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What is a balance sheet? A balance sheet is a financial document that public corporations are required to use. It shows their assets and liabilitie...

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Finance: What is the Equal Credit Opportunity Act? 6 Views


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Description:

What is the Equal Credit Opportunity Act? Signed into law during the Nixon-Ford era in 1974, the Equal Credit Opportunity Act is essentially an anti discrimination law for loan applications. It prohibits any non financial related criteria, such as gender, race, religion, marital status or color to be a factor in assessment for loan applications.

Language:
English Language

Transcript

00:00

Finance a la shmoop what is the Equal Credit Opportunity Act? alright people while the

00:09

federal government thinks everyone should have the equal opportunity to get [Men in Federal Government appear]

00:15

into debt isn't that sweet of them you know that Uncle Sam well he sure does

00:19

have a heart of gold this federal law makes it illegal to discriminate against

00:25

people who are applying for financing on pretty much anything legal based on

00:29

their age gender marital status religious affiliation ethnic or national

00:35

background or public assistance benefits your credit score however well that

00:41

still matters sorry just keeping it real

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