Equal Credit Opportunity Act

Statute: 15 USC 16911 et seq.

Regulation: 12 CFR 201 et seq. (Reg. B)

ECOA Purpose: The Equal Credit Opportunity Act (the "Act") became effective on October 28, 1975. It is Title VII of the Consumer Credit Protection Act. The Act applies to both the Truth in Lending Act (15 USCS §§ 1601 et seq.) and the Consumer Leasing Act (15 USCS §§ 1667 et seq.). Its purpose is to require that financial institutions and other firms engaged in the extension of credit make that credit equally available to all creditworthy customers and prohibits discrimination against applicants for credit on the basis of race, color, religion, national origin, sex, or marital status and the like.