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According to the Equal Credit Opportunity Act (“ECOA”), Solarity Credit Union (as a lender) is required to notify any applicant for a Loan of action taken on the Application (denial or approval) within 30 days of receiving a completed Application. An “adverse action” includes refusing to grant a Loan in substantially the amount or on substantially the terms requested in the Application unless the Lender makes a counteroffer and the Applicant uses or expressly accepts the Loan offered. Whenever a Lender takes an adverse action, it must provide, in writing, a notice of adverse action and a statement of the specific reasons for the adverse action (e.g., insufficient credit score, creditor’s internal standards or policies, etc.) or direction to the consumer to request the statement of specific reasons.