What does ECOA stand for?

The correct choice, "Equal Credit Opportunity Act," refers to a significant piece of legislation enacted in 1974 aimed at combatting discrimination in lending. This act prohibits lenders from discriminating based on race, color, religion, national origin, sex, marital status, or age. By promoting fair access to credit, the ECOA seeks to ensure that all individuals have equal opportunity to obtain financing for housing, education, business, and other needs, regardless of their background.

The other options misrepresent the purpose or the full scope of the legislation. For instance, the notion of an "Equal Consumer Oversight Agency" does not align with the ECOA’s focus, which is strictly on credit opportunities rather than consumer oversight. Similarly, "Equal Capabilities of Ownership Act" does not reflect any existing legislation regarding credit discrimination, nor does it relate to the provisions of the ECOA. Lastly, "Equal Credit Online Application" inaccurately describes the ECOA, as it is not specifically concerned with online applications but rather with ensuring equitable treatment in credit decisions across all platforms.