Question

Which federal lending act was introduced to combat lending discrimination in low and moderate income neighborhoods?

a) Truth in Lending Act (TILA)
b) Equal Credit Opportunity Act (ECOA)
c) Real Estate Settlement Procedures Act (RESPA)
d) Home Mortgage Disclosure Act (HMDA)

Answer 1

The Equal Credit Opportunity Act (ECOA) was introduced to combat lending discrimination in low and moderate income neighborhoods. It prohibits creditors from using factors such as gender, race, ethnicity, and age in making credit decisions.

Step-by-step explanation:

The federal lending act introduced to combat lending discrimination in low and moderate income neighborhoods is the Equal Credit Opportunity Act (ECOA). The Equal Credit Opportunity Act (ECOA) was introduced to combat lending discrimination in low and moderate income neighborhoods. It prohibits creditors from using factors such as gender, race, ethnicity, and age in making credit decisions.

This act was passed in 1974 and prohibits creditors from using factors such as gender, race, ethnicity, and age in making decisions regarding the extension of credit. It ended the 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.