Question

What is the purpose of the Equal Credit Opportunity Act?

a.Lenders cannot discriminate against certain groups.
b.Equal numbers of loans must be offered in every state.
c. All debtors will pay equal rates of interest on their loans.
d. No U.S. citizen can be refused a loan by an FDIC-insured bank.

Answer 1

The purpose of the Equal Credit Opportunity Act is to prevent lenders from discriminating against certain groups based on factors such as gender, race, ethnicity, and, in some cases, age.

Step-by-step explanation:

The purpose of the Equal Credit Opportunity Act is to prevent lenders from discriminating against certain groups based on factors such as gender, race, ethnicity, and, in some cases, age. This law ended the common practice of lenders refusing to loan money to married women independently of their husbands or considering only the husband's income when extending credit to a family.