THE EQUAL CREDIT OPPORTUNITY ACT AS A DEFENSE AGAINST PAYMENT - HOW LENDERS CAN STRIKE BACK

The Equal Credit Opportunity Act (ECOA) provides defaulting husbands a nd wives with powerful defenses against the lender's entry of judgment . The authors come to the rescue of lenders with several strategies, s uch as (1) having the ECOA claim treated as a compulsory counterclaim; (2) determining if the borrower's claim is time-barred under the ECOA statute of limitations for civil actions; (3) assessing the validity of claims executed prior to October 1, 1986, (4) determining whether a completed application for credit was submitted, (5) weighing the burd en of proof, and (6) challenging liability under the thirty-day notifi cation requirement.