About: Equal Credit Opportunity Act

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The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); the applicant's use of a public assistance program to receive all or part of their income; or the applicant's previous good-faith exercise of any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions.

Attributes	Values
rdfs:label	Equal Credit Opportunity Act (en)
rdfs:comment	The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); the applicant's use of a public assistance program to receive all or part of their income; or the applicant's previous good-faith exercise of any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions. (en)
dcterms:subject	United States federal banking legislation Anti-discrimination law in the United States United States federal civil rights legislation Credit
Wikipage page ID	10992163 (xsd:integer)
Wikipage revision ID	1107799795 (xsd:integer)
Link from a Wikipage to another Wikipage	United States federal banking legislation Alimony Housing and Community Development Act of 1974 Pension United States Annuity (financial contracts) Child support Gerald Ford Credit union Lindy Boggs Community property Bankcard Welfare Line of credit Bank Anti-discrimination law in the United States United States federal civil rights legislation Credit Consumer Credit Protection Act Social Security (United States) Veteran's pension Retailer dbr:Hawkins_v._Community_Bank_of_Raymore dbr:Joint_credit
Link from a Wikipage to an external page	https://fraser.stlouisfed.org/title/1033 https://fraser.stlouisfed.org/title/257 https://www.consumer.ftc.gov/articles/0347-your-equal-credit-opportunity-rights
sameAs	Equal Credit Opportunity Act Equal Credit Opportunity Act Equal Credit Opportunity Act Equal Credit Opportunity Act
dbp:wikiPageUsesTemplate	dbt:About dbt:Cite_web dbt:Reflist dbt:Ubl dbt:Usc dbt:Ussc dbt:Bank_regulation_in_the_United_States dbt:Federal_Reserve_System dbt:Infobox_U.S._legislation dbt:Gerald_Ford
shorttitle	Equal Credit Opportunity Act of 1974 (en)
signedpresident	Gerald Ford
has abstract	The Equal Credit Opportunity Act (ECOA) is a United States law (codified at 15 U.S.C. § 1691 et seq.), enacted 28 October 1974, that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract); the applicant's use of a public assistance program to receive all or part of their income; or the applicant's previous good-faith exercise of any right under the Consumer Credit Protection Act. The law applies to any person who, in the ordinary course of business, regularly participates in a credit decision, including banks, retailers, bankcard companies, finance companies, and credit unions. The part of the law that defines its authority and scope is known as Regulation B, from the (b) that appears in Title 12 part 1002's official identifier: 12 C.F.R. § 1002.1(b) (2017). Failure to comply with Regulation B can subject a financial institution to civil liability for actual and punitive damages in individual or class actions. Liability for punitive damages can be as much as $10,000 in individual actions and the lesser of $500,000 or 1% of the creditor's net worth in class actions. Before the enactment of the law, lenders and the federal government frequently and explicitly discriminated against female loan applicants and held female applicants to different standards from male applicants. A large coalition of women's and civil rights groups pressured the government to pass the ECOA (and the Housing and Community Development Act of 1974) to prohibit such discrimination. (en)
colloquialacronym	ECOA (en)
gold:hypernym	United
prov:wasDerivedFrom	wikipedia-en:Equal_Credit_Opportunity_Act?oldid=1107799795&ns=0
page length (characters) of wiki page	9498 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Equal_Credit_Opportunity_Act
is Link from a Wikipage to another Wikipage of	List of United States federal legislation, 1901–2001 Anti-Injunction Act History of the United States Home Mortgage Disclosure Act Patsy Mink Paycheck Protection Program Cynthia Harrison Union Miles Development Corporation United States Department of Agriculture United States Department of Justice Civil Rights Division Index of real estate articles List of landmark African-American legislation Timeline of the 2000s United States housing bubble Timeline of women's legal rights in the United States (other than voting) Community Reinvestment Act Timeline of the Black Power movement Edward Brooke Credit Credit score in the United States Lindy Boggs Loan origination Feminism in the United States Housing discrimination in the United States Housing segregation in the United States Barack Obama Age discrimination in the United States Timeline of second-wave feminism Timeline of women's legal rights (other than voting) in the 20th century Garcia v. Vilsack 93rd United States Congress Ally Financial Federal Reserve PNC Financial Services History of the United States (1964–1980) American Woman ASPIRA City College Collateralized debt obligation National Organization for Women Women's poll tax repeal movement Subprime crisis impact timeline Mortgage origination Seasoned tradeline Title 15 of the United States Code

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