Final answer:
d) Residential loans
The Equal Credit Opportunity Act (ECOA) applies to personal, business, and residential loans, but it does not apply to commercial loans. The ECOA is designed to combat discrimination in lending based on factors such as gender, race, and ethnicity.
Step-by-step explanation:
The Equal Credit Opportunity Act (ECOA) applies to various types of credit and loans. However, it does not apply to commercial loans. The ECOA is a federal law that prohibits discrimination based on factors such as gender, race, ethnicity, and in some cases age, when making decisions regarding the extension of credit. This legislation has been important in ensuring that all individuals have a fair opportunity to obtain loans by requiring lenders to consider applications without bias, ensuring that loans are available based on creditworthiness rather than prejudiced criteria. The ECOA does cover personal loans, business loans, and residential loans, as these are typically provided to individuals or small businesses where such discrimination is most likely to occur.