Equal Credit Opportunity Act (ECOA)

Equal Credit Opportunity Act (ECOA),

Definition of Equal Credit Opportunity Act (ECOA):

  1. The Equal Credit Opportunity Act (ECOA) is a law created by the U.S. government with the aim of giving all individuals an equal opportunity to obtain loans and other types of credit from financial institutions and other lenders.

  2. A federal law that requires a lender or other creditor to make credit available for applicants regardless of sex, marital status, race, religion, or age.

  3. The Equal Credit Opportunity Act was enacted in 1974 and is detailed in Title 15 of the United States Code. The act, as implemented by Regulation B, states that individuals applying for loans and other credit can only be evaluated using factors that are directly related to their creditworthiness. It prohibits creditors and lenders from considering consumers’ race, color, national origin, sex/gender, religion, marital status, age (as long as they’re old enough to sign a contract) or their receipt of public assistance for any aspect of lending—from approving the application to setting terms of the loan, such as interest rate or fees. .

How to use Equal Credit Opportunity Act (ECOA) in a sentence?

  1. The act's purpose is to prevent lenders from using race, color, sex, religion, or other non-creditworthiness factors when evaluating a loan application, establishing terms of a loan, or any other aspect of a credit transaction.
  2. Organizations that have shown a pattern of discrimination can have lawsuits brought against them by the Department of Justice.
  3. The Consumer Financial Protection Bureau supervises compliance and enforces ECOA, joined by other government agencies.
  4. The Equal Credit Opportunity Act (ECOA), under Title 15 of the U.S. Code, is intended to prohibit discrimination by lenders in any aspect of granting credit to an individual.

Meaning of Equal Credit Opportunity Act (ECOA) & Equal Credit Opportunity Act (ECOA) Definition

Equal Credit Opportunity Act (ECOA),

Equal Credit Opportunity Act (ECOA) Meanings:

  • The Equal Credit Operations Act (ECOA) is a law developed by the US government to provide everyone with equal opportunities to obtain credit and other types of credit from financial institutions and other lenders.

    • Under Article 15 of the United States Code, the Equal Credit Opportunities Act (ECOA) aims to prevent lender discrimination in all aspects of lending to individuals.
    • The purpose of the law is to prevent lenders from considering other factors, such as race, color, sex, religion, or reputation, when reviewing loan applications, determining loan terms, or other aspects of the transaction.
    • Organizations that discriminate can be sued by the Department of Justice.
    • The Consumer Financial Protection Office monitors compliance and works with other government agencies to enforce the ECOA.

  • Meaning of Equal Credit Opportunity Act (ECOA): It prevents lenders from discriminating against lenders on the basis of race, color, religion, national origin, sex, marital status, age, or because the applicant receives income from public assistance programs.

Literal Meanings of Equal Credit Opportunity Act (ECOA)

Equal:

Meanings of Equal:
  1. Equal in number or quantity.

  2. One person or thing is considered equal in status or quality to another.

  3. Equal to quantity, size, quality or value.

  4. Gain skills or resources (to overcome the challenge)

Sentences of Equal
  1. Divide four by six by two is five

  2. We all treat each other equally

  3. Add the same amount of water and flour

  4. The players are ready for work

Synonyms of Equal

alike, up to, fit for, peer, ready for, equivalent, one and the same, the same, be the same as, adequate for, coequal, be equal to, identical, capable of, fellow, like, uniform, sufficient for, strong enough for, correspond to

Credit:

Meanings of Credit:
  1. Publicly recognizing someone as a production participant (something to be published or broadcast)

  2. Add (amount of money) to the account.

  3. Belief (no wonder or impossible)

  4. A consumer's ability to receive goods or services before payment is based on the belief that payment will be made in the future.

  5. An entry that records the amount received, to the right or in the Accounts column.

  6. Public acknowledgment or definition, usually when an action or ideology is entrusted to someone, is made clear.

  7. Completion of the course or confirmation of the student's activity, which will be awarded to the degree or diploma registered in the school register.

  8. The quality is reliable or credited.

Sentences of Credit
  1. The script is attributed to an American author and two Japanese authors

  2. You may not believe it but it is true

  3. Columns must be included and the debit amount must be equal to the credit amount.

  4. The president claims all the success for himself

  5. Cicero's abstract philosophy lost its popularity

Synonyms of Credit

rely on, acknowledgement, approbation, impute, reliability, merit, acclaim, admiration, believe, veneration, approval, respect, chalk up, praise, attribute, set down, trust, believability, count on, hat tip, credit, have faith in, solvency, plausibility, recognition, kudos, glory, esteem, regard, tributes

Opportunity:

Meanings of Opportunity:
  1. A set of circumstances that makes it possible to do something.

Sentences of Opportunity
  1. We can see more and more export opportunities

Synonyms of Opportunity

appropriate moment, chance, window of opportunity, golden opportunity, suitable occasion, lucky chance, run, good time, opportune time, clear run, time, window, moment, field day, turn, right set of circumstances, favourable moment, opportune moment, favourable occasion, option, go, appropriate occasion, suitable time

Act:

Meanings of Act:
  1. Do it, do something.

  2. Follow the prompts.

  3. The process has a special effect.

  4. Play a fictional role in a drama, movie or television production.

  5. One thing acted.

  6. Excuse me

  7. Legislation includes a written order from Congress or another legislature.

  8. American College Test.

Sentences of Act
  1. Appeal to Washington to work

  2. They are following the person who is making the suspicious move

  3. Blood samples are tested to determine how the drug works in the body.

  4. He made his professional debut at the age of six.

  5. He plays a lot and laughs

  6. End of slavery

  7. The first action

Synonyms of Act

play a part, edict, exert influence on, affectation, enterprise, control, influence, law, go ahead, have an impact on, do something, function, ordinance, stunt, alter, subsection, operation, Act of Parliament, appearance, bit, take part, accomplishment, modify, resolution