Surprising Utility of Discrimination Statutes in Maximizing Consumer Claims
An in-depth examination of federal and state discrimination laws that have a surprisingly powerful application in maximizing claims in consumer cases, including the Equal Credit Opportunity Act (ECOA), Fair Housing Act, several Civil Rights Acts, state discrimination statutes, the Home Mortgage Disclosure Act (HMDA), and the Community Reinvestment Act (CRA).
Credit discrimination laws offer consumers powerful remedies, including:
- Reverse redlining claims against predatory lending
- Disparate impact claims for discriminatory pricing schemes and hidden finance upcharges, without having to prove intentional discrimination
- Limits on requirements for spouse and others to co-sign loans and liability of one spouse for the other’s debts
- Notice requirements related to granting and denial of credit, counter-offers
- Record retention requirements
- Discrimination in application procedures and credit evaluation
- Discrimination based on receipt of public assistance, age, or change in name or marital status
- Discrimination law’s applicability to credit reporting
- Punitive damages
- Injunctive relief
- Consequential damages for pain and suffering
- Other forms of actual damages
- Attorney fees.