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#262365 - 10/28/04 12:36 PM Happy anniversary
Richard Insley Offline
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Richard Insley
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Posts: 9,999
Toano, VA
ECOA turns 30 today.
How many BOLers remember the kinds of credit practices ECOA swept away?
How many weren't even born?
Born after 10/28/74?
single choice


Votes accepted starting: 10/28/04 04:00 AM
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General Discussion
#262366 - 10/28/04 02:37 PM Re: Happy anniversary
P*Q Offline

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I responded I was around Richard, however, I was only 4.

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#262367 - 10/28/04 02:53 PM Re: Happy anniversary
Andy_Z Offline
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I was around. I was 16. Now, do you think I cared? Who'd've thunk it at the time.
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#262368 - 10/28/04 03:45 PM Re: Happy anniversary
Dan Persfull Offline
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I was 23 and just beginning my career in the finance industry. Went to work for Commercial Credit Corporation in Rolla, MO.
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#262369 - 10/28/04 04:09 PM Re: Happy anniversary
Don_Narup Offline

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You sure know how to make a fella feel old by bringing up history. I was 36 at the time and had already spent 15 years in the finance industry.

Were these types of laws necessary? Absolutely
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#262370 - 10/28/04 04:46 PM Re: Happy anniversary
Richard Insley Offline
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Richard Insley
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Toano, VA
Did you ever get a "baby letter?" (I won't ask if your employer sent them. )
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#262371 - 10/28/04 04:51 PM Re: Happy anniversary
soanony Offline
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I was 6 years old.

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#262372 - 10/28/04 04:59 PM Re: Happy anniversary
DeeQ Offline
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Turnpike Exit 10
10- don't remember a thing...
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#262373 - 10/28/04 06:10 PM Re: Happy anniversary
KAT Offline
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Massachusetts
I celebrated my 31st wedding anniversary yesterday so I was around. I just wasn't into compliance at that time.

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#262374 - 10/28/04 08:05 PM Re: Happy anniversary
ITGuy Offline
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Joined: May 2004
Posts: 352
Alabama
I was 13 at the time. Wasn't even thinking about anything except "I'm a teenager".

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#262375 - 10/28/04 08:10 PM Re: Happy anniversary
1 Peter 5:7 Offline
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TX
I was a rookie commercial real estate lender in Illinois at the time. I remember my boss and I driving to St. Louis for an ECOA seminar. On the way home he vowed he'd retire before he ever HAD to make a business loan to a woman. He retired the next month!
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#262376 - 10/28/04 08:28 PM Re: Happy anniversary
Little Sister Offline
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Iowa
I was 15 at the time. I didn't get involved in banking for three more years (at 18 as a college freshman).

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#262377 - 10/28/04 08:56 PM Re: Happy anniversary
Richard Insley Offline
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Richard Insley
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Toano, VA
Quote:

I remember my boss and I driving to St. Louis for an ECOA seminar. On the way home he vowed he'd retire before he ever HAD to make a business loan to a woman. He retired the next month!



I saw that happen too. Even worse was the realization that lenders would be forced to make careful credit decisions reflecting individual net worths of married people. ECOA unmasked the fact that many lenders had no idea how to make analytical credit decisions--just get a D/T on the home and both spouses on the note.
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#262378 - 10/29/04 06:15 PM Re: Happy anniversary
Angel Eyes Offline
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Angel Eyes
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I was only one month old.....and I don't remember ECOA coming out ?!?!?!

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#262379 - 10/29/04 10:03 PM Re: Happy anniversary
EdOils Offline
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Joined: Jan 2004
Posts: 553
Louisiana
I was 3. The only thing I was concerned about was my Flinstone vitamins and my Winnie the Pooh.
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#262380 - 10/31/04 12:36 AM Re: Happy anniversary
Bear Collector, CRCM Offline
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I was 28, divorced, with two children. When my ex and I applied for our first house, the bank would only consider a portion of my income because I was "of child bearing age". When we applied for our mortgage, I remember the loan officer asking about what I used for birth control! When my spouse and I divorced, I couldn't buy a car or get a credit card because all my credit was under my husband's name. (I finally ended up getting a BankAmericard with a $75 limit!) I was a single mom with a job with two little kids and had to get my dad to co-sign on my apartment lease! Ah yes - the "good" old days!
BC
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#262381 - 11/02/04 03:52 PM Re: Happy anniversary
renniks Offline
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renniks
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New England
I remember applying for a store credit card in 1972. I was the sole income earner in the household, my husband (now ex) was in college. The store would not give me the credit card unless my husband signed for it. There was nothing good about those old days!!

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#262382 - 11/02/04 04:35 PM Re: Happy anniversary
Truffle Royale Offline

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We got our first house at 6% mortgage rate based on my husband's income, of course and knew we had a great deal! Who knew that last week we'd refi at a rate even lower than that and I'd have the better credit rating!!!

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#262383 - 11/02/04 06:33 PM Re: Happy anniversary
Anonymous
Unregistered

When I was in law school in 1977 (read unemployed) my wife applied for a loan to buy a used Honda. When she brought the paperwork home I signed the security agreement, but not the note, even though it had been prepaped with my name on it. My wife, who was also employed by the bank, turned it in. The loan officer refused it, saying I had to sign the note regardless of whether I signed the application. She brought it home that night and I said, "No, I don't. I have no income. Tell him to call Martha X (the bank's general counsel who also taught a class on Consumer Protection at the Law school) and ask."

When she presented the loan officer with my refusal and its accompanying suggestion the next morning. He said, "Fine, I don't have anything else to do but cater to your husband, the first year law student." While she was sitting there he called "Martha" and repeated the story. His side of the conversation thereafter:

I can't?
Yes, Mam.
No, Mam.
Yes, I will apologize.
Yes, I will call you right back after she's gone.

Reg B or no Reg B, the practices remained in the mainstream for years. Even today and there are still lenders too boneheaded to figure it out.

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#262384 - 11/02/04 07:12 PM Re: Happy anniversary
Dan Persfull Offline
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Bloomington, IN
Quote:

there are still lenders too boneheaded to figure it out.





I prefer the terms "old school" "set in their ways" "resistant to change". . . Nahhh, you're right - they're too boneheaded.
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#262385 - 11/02/04 07:14 PM Re: Happy anniversary
Richard Insley Offline
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Richard Insley
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Posts: 9,999
Toano, VA
My wife had two department store credit cards in her own name. When we were married in 1971 one of the stores reissued her card in my name. It stayed that way until 1975 when Reg. B kicked in.

Our mortgage in 1973 was based on full consideration of both of our incomes, but the loan officer noted that he was making a big exception to policy. Normally, the wife's income was discounted 50% to 100%. No baby letter was required either.
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