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Fair Lending Statement

It is the policy of Bank of the James to comply with all fair lending laws and regulations, including the Equal Credit Opportunity Act (ECOA), the Home Mortgage Disclosure Act (HMDA), the Fair Credit Reporting Act (FCRA), the Fair Housing Act and the Community Reinvestment Act (CRA).In addition, the Bank adheres to federal regulatory agency fair lending guidance as set forth in the Interagency Policy Statement on Discrimination in Lending.

Under the Equal Credit Opportunity Act (ECOA), it is illegal to discriminate in any credit transaction

  • On the basis of race, color, religion, national origin, sex, marital status, age (provided the
    applicant has the capacity to contract), applicant’s receipt of public assistance income, and/or
    the applicant’s exercise of any right under the Consumer Credit Protection Act

The Home Mortgage Disclosure Act (HMDA) was created to provide the public with the Bank’s loan data to assist in determining that the Bank is serving the housing needs of our community to ensure there are no possible discriminatory lending patterns.

Under the Fair Credit Reporting Act it is the Bank’s policy to prevent undue invasion of a consumer’s right to privacy in the process of collecting information and disseminating credit reports.

The Fair Housing Act ensures the Bank’s adherence to the provisions prohibiting discriminatory
practices against applicants applying for real estate loans for the purchase, construction, improvement, repair or maintenance of a dwelling or loans secured by a dwelling.

The Community Reinvestment Act ensures that the Bank is meeting the credit needs of the
communities, which it serves within its assessment area.