Which federal agency is primarily responsible for enforcing the ECOA?

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Multiple Choice

Which federal agency is primarily responsible for enforcing the ECOA?

Explanation:
ECOA protects consumers from discrimination in any aspect of credit decisions, so the agency with the primary responsibility to enforce it is the Consumer Financial Protection Bureau. CFPB has broad authority to supervise many consumer financial products and services and to take enforcement action when lenders violate ECOA, investigate complaints, and require remedies to stop discriminatory practices. The Department of Housing and Urban Development handles discrimination under the Fair Housing Act, not ECOA; the Federal Reserve and the SEC deal with other aspects of banking regulation or securities, not the primary enforcement of ECOA.

ECOA protects consumers from discrimination in any aspect of credit decisions, so the agency with the primary responsibility to enforce it is the Consumer Financial Protection Bureau. CFPB has broad authority to supervise many consumer financial products and services and to take enforcement action when lenders violate ECOA, investigate complaints, and require remedies to stop discriminatory practices. The Department of Housing and Urban Development handles discrimination under the Fair Housing Act, not ECOA; the Federal Reserve and the SEC deal with other aspects of banking regulation or securities, not the primary enforcement of ECOA.

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