| Enormous
Potential for Under-Utilized Statutes
Credit discrimination claims are powerful tools to remedy consumer abuses
in first and second mortgage loans, automobile and mobile home financing,
and even small loans. A recent example is Equal Credit Opportunity Act
(ECOA) class action challenges involving the financing methods of most
major automobile creditors.
Broad Range of Prohibited Discrimination
Federal law prohibits not only intentional discrimination, but also practices
that have a disparate impact on protected groups. Important statutes examined
include the ECOA, Fair Housing, Civil Rights, and Community Reinvestment
Acts, and state discrimination laws.
Discrimination can be illegal if based on the consumer’s:
- Age or disability
- Sex, marital status, familial status or sexual orientation
- Race, national origin, ethnicity, or religion
- Receipt of public assistance or exercise of rights under federal consumer
statutes.
Widespread Applicability
Credit discrimination law provides federal court jurisdiction, injunctive
relief, actual and punitive damages, assignee liability, and attorney
fees for such consumer abuses as:
- Discretionary finance upcharges
- “Yo-yo” car sales where ECOA credit denial notices are
not provided
- Insurance redlining
- Reverse redlining by predatory lenders
- Illegally requiring that consumers provide a co-signer
- Failing to comply with ECOA protections for spouses.
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 New
CD-Rom Makes Research Easy
- Over 40 sample complaints, discovery,
attorney fee documents, expert reports, and more
- Key recent U.S. Dept. of Justice
complaints and consent orders
- All key federal laws, regulations,
and agency interpretations, including 2003 Reg. B amendments
- Three consumer guides.
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