Final answer:
The letter of the regulation by which the Equal Credit Opportunity Act (ECOA) is also referred to is Regulation B. This regulation enforces fair lending practices and prohibits discrimination in the credit market, and it is overseen by the Office of the Comptroller of the Currency among other regulatory agencies.
Step-by-step explanation:
The letter of the regulation by which the Equal Credit Opportunity Act (ECOA) is also referred to is Regulation B. The ECOA is a federal law that aims to ensure that all consumers have an equal chance to obtain credit, prohibiting discrimination based on race, color, religion, national origin, sex, marital status, age, or because someone receives public assistance. Regulation B outlines the rules that lenders must follow to comply with the ECOA.
The Office of the Comptroller of the Currency (OCC) and other regulatory agencies enforce Regulation B. They conduct examinations of financial institutions to monitor compliance with various credit-related regulations, including Regulation B. The regulatory approach here emphasizes both compliance with the law as well as providing education to institutions about their obligations under the ECOA.
Regulation B's importance is reflected in the way institutions are assessed and guided in their credit distribution practices, aiming to make the credit market accessible and fair for all applicants.