Final answer:
The provided information is incorrect for the ECOA; it pertains to the WARN Act, which involves employment rather than credit. Under the ECOA, applicants must receive the Notice of Action Taken within 30 days of a completed application.
Step-by-step explanation:
Under the Equal Credit Opportunity Act (ECOA), creditors are required to notify applicants of the Notice of Action Taken within a specific time period. However, the question appears to be conflated with a requirement from a different act related to employment rather than credit.
The provided information that requires employers with more than 100 employees to give written notice 60 days before plant closings or mass layoffs is actually from the Worker Adjustment and Retraining Notification (WARN) Act, not the ECOA.
For the ECOA, a lender must send the Notice of Action Taken within 30 days after receiving a completed application. This notice informs the applicant of the creditor's decision regarding their application.