Equal Credit Opportunity Act (ECOA)
15 U.S.C. § 1691 et seq. | Regulation B (12 C.F.R. Part 1002) | Enacted 1974
Overview, What Is ECOA?
The Equal Credit Opportunity Act (ECOA), 15 U.S.C. § 1691 et seq., was enacted in 1974 and is implemented by the CFPB's Regulation B (12 C.F.R. Part 1002). ECOA prohibits discrimination in any aspect of a credit transaction on the basis of protected characteristics.
**Coverage:** ECOA applies to all creditors, any person who regularly extends credit, including banks, savings associations, credit unions, finance companies, retail creditors, and mortgage companies. It covers all types of credit: consumer and business/commercial.
**Note for Commercial Lenders:** Unlike TILA and RESPA, ECOA DOES apply to commercial loans. Commercial loan originators must comply with ECOA's non-discrimination requirements even when making business-purpose loans.