Which organization is responsible for setting guidelines and rules for ECOA?

The correct choice regarding the organization responsible for setting guidelines and rules for the Equal Credit Opportunity Act (ECOA) is the Consumer Financial Protection Bureau (CFPB). The CFPB was established in response to the financial crisis and is tasked with overseeing various financial protections, including those related to credit and lending practices. Under ECOA, the CFPB has the authority to enforce laws that prohibit discrimination in credit transactions, ensuring that all individuals have equal access to credit without regard to race, color, religion, national origin, sex, marital status, or age.

The other organizations listed have different roles; for example, the Department of Housing and Urban Development (HUD) primarily deals with housing policies and fair housing laws rather than directly overseeing ECOA. The National Mortgage Licensing System (NMLS) is concerned with licensing mortgage professionals and ensuring compliance with regulations but does not directly set guidelines for ECOA. The Federal Trade Commission (FTC) enforces consumer protection laws but is not specifically tasked with the oversight of ECOA guidelines, instead sharing broader responsibilities in the realm of fair trade practices.

By identifying the CFPB as the organization responsible for ECOA guidelines, one can understand its critical role in promoting fair lending practices and consumer protection in the mortgage industry.