Housing Assistance: An Inventory of Fiscal Year 2010 Programs, Tax Expenditures, and Other Activities

U.S. Government Accountability Office

Equal Credit Opportunity Act (ECOA)

Administering Agency/Entity Consumer Financial Protection Bureau (CFPB) and Federal Financial Regulators (Federal Reserve Board, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency) and the Federal Financial Institutions Examination Council (FFIEC)
Short Description Prohibits creditors from discriminating against credit applicants by race, color, religion, national origin, sex, marital status, and age; for receiving public assistance; or for exercising any right under the Consumer Credit Protection Act. The Department of Justice may file a lawsuit under ECOA for a pattern or practice of discrimination. In cases involving discrimination in home mortgage or improvement loans, the Department may file suit under the Fair Housing Act and ECOA. Individuals believing they have been discriminated against in credit transactions for residential property may file a complaint with the Department of Housing and Urban Development (HUD) or file their own lawsuit. The Board of Governors of the Federal Reserve System has issued regulations under ECOA. Responsibility for rulemaking under ECOA moved to CFPB. CFPB, the federal financial regulators, the Department of Justice, HUD, and the Federal Trade Commission enforce compliance with the act, and FFIEC helps promote uniformity.
Primary Purpose Regulatory requirements
Type of Housing Supported Homeownership
Type of Assistance Regulation
Fiscal Year 2010 Obligations Costs for the housing related aspects of ECOA are not quantified or tracked separately.

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