The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:

The Equal Credit Opportunity Act (ECOA) defines the term "elderly" as anyone:
A . 60 years of age or older.
B . 62 years of age or older.
C . 65 years of age or older.
D . 70 years of age or older.

View Answer

Answer: B

Explanation:

Under the Equal Credit Opportunity Act (ECOA), the term "elderly" is defined as anyone who is 62 years

of age or older. This designation is significant in fair lending, as the ECOA prohibits discrimination based on age in any aspect of a credit transaction, including mortgage lending.

ECOA protects borrowers from being denied credit or offered unfavorable terms based solely on their age, and it provides additional protections to borrowers considered "elderly."

References:

Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691(a)

CFPB Regulation B, 12 CFR Part 1002