Question

Which of the following fair and responsible lending laws prohibits discrimination based on nine prohibited basis factors: race, color, religion, national origin, sex, age, marital status, receipt of public assistance income, and exercise of consumer rights?

A. Equal Credit Opportunity Act (ECOA)
B. Fair Housing Act (FHA)
C. Federal Trade Commission Act (FTC Act)
D. Home Mortgage Disclosure Act (HMDA)

Answer 1

The answer is A. Equal Credit Opportunity Act (ECOA). This law prohibits discrimination based on nine prohibited basis factors.

Step-by-step explanation:

The answer to the question is A. Equal Credit Opportunity Act (ECOA).

The Equal Credit Opportunity Act (ECOA) prohibits discrimination based on nine prohibited basis factors: race, color, religion, national origin, sex, age, marital status, receipt of public assistance income, and exercise of consumer rights.

An example of how the ECOA has made a positive impact is by ending 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.

The answer is A. Equal Credit Opportunity Act (ECOA). This law prohibits discrimination based on nine prohibited basis factors.