Who is primarily responsible for administering the Equal Credit Opportunity Act (ECOA)?

The Consumer Financial Protection Bureau (CFPB) is primarily responsible for administering the Equal Credit Opportunity Act (ECOA). This federal law was enacted to prevent discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or because a recipient of public assistance. The CFPB, established in response to the financial crisis of 2007-2008, has a fundamental role in ensuring compliance with federal consumer financial laws, including the ECOA.

The Bureau conducts investigations and provides oversight, ensuring that lenders adhere to the regulations put forth by the ECOA. It also handles consumer complaints related to unfair lending practices and can enforce penalties against entities that fail to comply with the law. In contrast, other agencies listed have different mandates; for instance, the Federal Trade Commission focuses on consumer protection and antitrust laws, while the National Credit Union Administration supervises federal credit unions, and the Consumer Advisory Council advises the CFPB on consumer financial issues but does not have administrative authority over ECOA.