Final answer:
ECOA covers various types of loans but does not typically encompass student loans, which have their own set of regulations outside the scope of ECOA. Therefore, the type of loan that is not covered by ECOA in the provided options is C) Student loans.
Step-by-step explanation:
The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits discrimination based on factors such as gender, race, ethnicity, and in certain cases age, in the credit decision-making process. This law is applicable to a wide range of credit types to ensure fair lending practices. However, not all loan types are covered under this act.
Among the options given:
- Mortgage loans are covered by ECOA, ensuring fair lending in the housing market.
- Auto loans are also covered, which guarantees nondiscriminatory practices when purchasing vehicles.
- However, student loans may not be covered by ECOA as they often fall under different regulations and can be provided by the government or private lenders with varying terms.
- Small business loans are subject to ECOA, ensuring small businesses have equitable access to credit.
Therefore, the type of loan that is not covered by ECOA in the provided options is C) Student loans.