Final answer:
Fair Lending Laws, including the Equal Credit Opportunity Act and the Fair Housing Act of 1968, prohibit discrimination based on race, gender, ethnicity, and age in credit and housing. These laws ensure fair practices in the lending industry, yet enforcement remains crucial as discrimination persists.
Step-by-step explanation:
Collectively, Fair Lending Laws prohibit discrimination based on factors such as gender, race, ethnicity, and under some circumstances age. The Equal Credit Opportunity Act is a federal law designed to prevent discrimination when making decisions regarding the extension of credit. It ended practices like refusing to loan money to married women without their husband's involvement or only considering the husband's income for family credit.
Fair Lending Laws also encompass the Fair Housing Act of 1968, which prohibits discrimination in housing based on race, gender, and other factors. Moreover, the Federal Reserve (the Fed) ensures banks comply with these consumer protection laws, including making disclosures about the distribution of housing loans.
Despite these laws, evidence suggests that discrimination in lending and housing still occurs, indicating a continuing need for enforcement and vigilance.