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#262365 - 10/28/04 12:36 PM
Happy anniversary
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10K Club
Joined: Oct 2000
Posts: 10,180
Toano, VA
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ECOA turns 30 today. How many BOLers remember the kinds of credit practices ECOA swept away? How many weren't even born?
_________________________
...gone fishing.
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#262367 - 10/28/04 02:53 PM
Re: Happy anniversary
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10K Club
Joined: Oct 2000
Posts: 27,752
On the Net
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I was around. I was 16. Now, do you think I cared? Who'd've thunk it at the time.
_________________________
AndyZ CRCM My opinions are not necessarily my employers. R+R-R=R+R Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell
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#262368 - 10/28/04 03:45 PM
Re: Happy anniversary
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10K Club
Joined: Aug 2002
Posts: 47,532
Bloomington, IN
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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.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
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#262369 - 10/28/04 04:09 PM
Re: Happy anniversary
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Power Poster
Joined: Jul 2001
Posts: 3,708
Las Vegas Nevada
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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
_________________________
Compliance Analysis and Research - Software for your CRA/HMDA analysis needs
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#262370 - 10/28/04 04:46 PM
Re: Happy anniversary
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10K Club
Joined: Oct 2000
Posts: 10,180
Toano, VA
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Did you ever get a "baby letter?" (I won't ask if your employer sent them. )
_________________________
...gone fishing.
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#262371 - 10/28/04 04:51 PM
Re: Happy anniversary
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100 Club
Joined: Jun 2003
Posts: 176
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#262373 - 10/28/04 06:10 PM
Re: Happy anniversary
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Platinum Poster
Joined: Aug 2004
Posts: 986
Massachusetts
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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
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Gold Star
Joined: May 2004
Posts: 352
Alabama
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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
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Diamond Poster
Joined: Jun 2001
Posts: 1,339
TX
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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!
_________________________
Opinions are mine not my employer's, and should not be taken as legal advice.
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#262376 - 10/28/04 08:28 PM
Re: Happy anniversary
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100 Club
Joined: Sep 2002
Posts: 162
Iowa
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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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#262379 - 10/29/04 10:03 PM
Re: Happy anniversary
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Platinum Poster
Joined: Jan 2004
Posts: 555
Louisiana
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I was 3. The only thing I was concerned about was my Flinstone vitamins and my Winnie the Pooh.
_________________________
You gain education by reading the fine print. You gain experience by not.
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#262380 - 10/31/04 12:36 AM
Re: Happy anniversary
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Diamond Poster
Joined: Nov 2000
Posts: 1,830
District of Columbia
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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
_________________________
Being kind is more important than being important.
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#262383 - 11/02/04 06:33 PM
Re: Happy anniversary
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Anonymous
Unregistered
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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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#262385 - 11/02/04 07:14 PM
Re: Happy anniversary
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10K Club
Joined: Oct 2000
Posts: 10,180
Toano, VA
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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.
_________________________
...gone fishing.
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