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Terms that begin with E
Equal Credit Opportunity Act (ECOA)
The Equal Credit Opportunity Act (ECOA) was established as a law in 1974 in the United States, this law prohibits creditors from discriminating on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance when deciding whether to issue credit.
Failure to comply with the Equal Credit Opportunity Act's Regulation B can result in civil liability to a financial institution. The financial liability as much as $10,000 in individual actions and $500,000 or 1 percent of the creditor’s net worth in class actions, whichever is the lesser.
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