Which government agency is responsible for enforcing the Equal Credit Opportunity Act?

The agency responsible for enforcing the Equal Credit Opportunity Act (ECOA) is the Consumer Financial Protection Bureau (CFPB). The ECOA is a federal law that prohibits discrimination in lending based on race, color, religion, national origin, sex, marital status, age, or because a person receives public assistance. The CFPB was established specifically to oversee and ensure consumer protection in the financial sector, including the enforcement of laws like the ECOA.

The CFPB conducts investigations, ensures compliance with the law, and takes corrective action against violators to protect consumers' rights in lending practices. Their enforcement power includes establishing rules and guidelines that lenders must follow to prevent discrimination.

In contrast, while other agencies mentioned have roles in consumer protection, they do not have the primary responsibility for enforcing the ECOA. The Federal Trade Commission (FTC) focuses on promoting competition and preventing unfair or deceptive practices in the marketplace. The Department of Housing and Urban Development (HUD) deals primarily with issues related to housing and urban development rather than lending discrimination specifically. The Office of the Comptroller of the Currency (OCC) regulates and supervises national banks and federal savings associations, but it does not have the primary enforcement role of the ECOA.