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Equal Credit Opportunity Act (ECOA) - Regulation B
Prohibits you or Eastern Bank from discriminating against an applicant during the credit process based on the following:

  • sex
  • marital status
  • race
  • color
  • religion
  • national origin
  • age (provided the applicant has the capacity to contract)
  • receipt of public assistance income
  • the use of any rights under consumer protection laws

Regulation B:

  • Requires you to provide an income disclosure prior to collecting source of income data.
  • Stipulates that you and Eastern Bank can only collect marital status as married, unmarried or separated.
  • Requires you to provide notification to the applicant the right to receive a copy of the property appraisal report used in making a credit decision.
  • Requires notification of action taken on an application within 30 days of the application date including an approval, adverse action, counter-offer, or notice of incompleteness.
  • Prohibits you or Eastern Bank from dictating who can co-sign a loan only that a co-signer must be "acceptable" by meeting Eastern Bank’s underwriting standards.