Equal Credit Opportunity Act: translation
Equal Credit Opportunity Act ( ECOA - Pronounced ee)
A Federal statute that makes it illegal for creditors to discriminate in any aspect of a credit transaction on the basis of sex, marital status, age, race, national origin, color, religion, receipt of public assistance, or the exercise of rights under the Consumer Protection Act. The Federal Reserve Board of Governors has adopted Regulation B to implement this statute. American Banker Glossary
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Equal Credit Opportunity Act ˌEqual ˈCredit Opporˌtunity ˌAct noun LAW BANKING
a law passed in the US in the 1970s stating that when financial institutions are giving out credit, they should not treat people unfairly because of their age, sex, Race, religion etc
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Equal Credit Opportunity Act UK US noun [S] LAW, FINANCE
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