Who oversees ECOA?

Who oversees ECOA?

• A. Consumer Financial Protection Bureau
• B. Federal Trade Commission
• C. Office of the Comptroller of the Currency
• D. Department of Housing and Urban Development

Answer: (A)

Equal Credit Opportunity Act is enforced by the Consumer Financial Protection Bureau. The CFPB is the lead federal regulator responsible for ensuring lenders comply with ECOA's protections, monitoring for discriminatory practices in credit decisions, and taking enforcement actions as needed. While other agencies have roles related to consumer finance (for example, the FTC has historical involvement and bank regulators enforce Regulation B for their supervised institutions), the CFPB is the primary overseer of ECOA in contemporary practice. This means lenders must evaluate credit applicants without bias based on protected characteristics and follow ECOA procedures, such as proper handling of adverse action notices.

Equal Credit Opportunity Act is enforced by the Consumer Financial Protection Bureau. The CFPB is the lead federal regulator responsible for ensuring lenders comply with ECOA's protections, monitoring for discriminatory practices in credit decisions, and taking enforcement actions as needed. While other agencies have roles related to consumer finance (for example, the FTC has historical involvement and bank regulators enforce Regulation B for their supervised institutions), the CFPB is the primary overseer of ECOA in contemporary practice. This means lenders must evaluate credit applicants without bias based on protected characteristics and follow ECOA procedures, such as proper handling of adverse action notices.