Which law requires lenders to provide credit without discrimination based on various personal characteristics?

The Equal Credit Opportunity Act (ECOA) is the law that specifically mandates lenders to provide credit without discrimination based on personal characteristics such as race, color, religion, national origin, sex, marital status, age, or because they receive public assistance. ECOA promotes fairness in lending practices, ensuring that all individuals have equal access to credit regardless of these characteristics. This law applies to all forms of credit, including mortgages, and requires lenders to evaluate creditworthiness based on objective criteria rather than subjective factors tied to an applicant's personal background.

The Truth in Lending Act is focused on requiring clear disclosure of credit terms to borrowers, primarily to facilitate informed decision-making. The Fair Housing Act prohibits discrimination in housing-related transactions, which includes the sale, rental, or financing of housing, but its primary focus is on protecting against discrimination in housing rather than specifically in terms of lending practices. The Consumer Protection Act covers a broad range of consumer rights but does not specifically address credit discrimination in the way that the ECOA does.