Question

Jerry's job includes many credit activities. He is responsible for collecting and processing loan payments, answering questions from potential applicants, taking loan applications, determining credit evaluation criteria, and developing marketing materials. Which option correctly lists a responsibility of Jerry's job that is covered under ECOA?
A. Answering questions from potential applicants
B. Filing currency transaction reports
C. Processing loan payments
D. Determining lunch hours

Answer 1

Answer:

C. Processing loan payments

Explanation:

(ECOA )is an abbreviation of Equal Credit Opportunity Act. The law prohibits any form of credit discrimination to any applicant, be it racial, color, age, or any other.

Jerry's job description matches that of an offer working in a credit department. His duties revolve around assisting customers with loan applications and processing. His role is covered under ECOA. Jerry must give each applicant an equal opportunity to access credit.