ECOA
Government & Politics abbreviation · US Law
| Stands for | Equal Credit Opportunity Act |
|---|---|
| Categories | Government & Politics |
ECOA stands for Equal Credit Opportunity Act, a US law abbreviation.
Prohibits lenders from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age or receipt of public assistance. Lenders must explain the reasons when they deny credit.
Example: The adverse action notice cited insufficient credit history, as ECOA requires.
Usage notes
Passed in 1974 to address discrimination against women, who were often denied credit in their own names, it was expanded in 1976 to cover other characteristics. It is implemented through Regulation B. The CFPB, bank regulators and the Justice Department enforce it, and Fair Housing Act claims often accompany it in mortgage cases.
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