Which agency is responsible for administering the Equal Credit Opportunity Act?

The Consumer Financial Protection Bureau (CFPB) is responsible for administering the Equal Credit Opportunity Act (ECOA). This federal law, enacted in 1974, aims to prevent discrimination in credit transactions based on race, color, religion, national origin, sex, marital status, age, or because a person receives public assistance. The CFPB was established in response to the 2007-2008 financial crisis, with the objective of overseeing and enforcing consumer protection laws in the financial services sector, including ECOA. The Bureau monitors compliance through examinations and has the authority to take action against entities that violate the act.

Other agencies may play roles in different aspects of credit regulation or discrimination laws, but the primary responsibility for enforcing ECOA rests with the CFPB, underscoring its role as a dedicated consumer protection agency.