ECOA stands for which act?

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Multiple Choice

ECOA stands for which act?

Explanation:
Recognizing this acronym points you to a key fair-lending rule. ECOA stands for Equal Credit Opportunity Act. It was enacted to ensure credit is given without discrimination based on personal characteristics such as race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. It covers many credit types, including mortgages, auto loans, and credit cards, and requires lenders to evaluate applicants fairly and to provide notices if credit is denied or offered on different terms. The other options don’t reflect the official title of the act, so they aren’t correct.

Recognizing this acronym points you to a key fair-lending rule. ECOA stands for Equal Credit Opportunity Act. It was enacted to ensure credit is given without discrimination based on personal characteristics such as race, color, religion, national origin, sex, marital status, age, or receipt of public assistance. It covers many credit types, including mortgages, auto loans, and credit cards, and requires lenders to evaluate applicants fairly and to provide notices if credit is denied or offered on different terms. The other options don’t reflect the official title of the act, so they aren’t correct.

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