What does ECOA stand for?

ECOA stands for the Equal Credit Opportunity Act. This federal law, enacted in 1974, prohibits discrimination in any aspect of credit transactions. It aims to ensure that all consumers have equal access to credit without regard to race, color, religion, national origin, sex, marital status, or age, as well as protecting those who receive public assistance. The intent behind ECOA is to promote fairness in lending and to prevent biases that may prevent certain groups from obtaining credit or loans. This foundational regulation plays a critical role in maintaining equal opportunity in financial practices, which is vital for a just and equitable economic system.

The other options provided do not accurately describe ECOA; they refer to non-existent or unrelated acts and concepts. Thus, only the Equal Credit Opportunity Act accurately reflects the law’s purpose and name.