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ECOA requires a notice of action taken and FCRA requires an adverse summary within 30 days of denying a completed application.
Regualtion B is ECOA
- ECOA rhymes with BOA
- Just replace the EC with B and you will remember that ECOA is Reg B.
Regulation C is HMDA
- HMDA sounds like Home.
- C sounds like See.
- Picture your future house, can you see your Home?
- Can you C your HMDA?
- HMDA is Reg C
Regulation X is RESPA
Just think of REXPA and you will remember RESPA is Reg X
Regualtion Z is TILA.
- Picture a Zebra when you think of Reg Z.
- Picture TILA as the Zebra's "TAIL".
- Reg Z for Zebra, TILA for Tail. Zebra Tail.
- TILA is Reg Z.
FCRA - The Fair Credit Reporting Act
This Federal Law deals with regulations relating to companies that collect and share clients credit information.
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