Who must comply with the regulations set by the Equal Credit Opportunity Act (ECOA)?

The Equal Credit Opportunity Act (ECOA) is a federal law that prohibits discrimination in credit transactions. It applies to all entities that extend credit, which includes a wide range of financial institutions such as banks, credit unions, finance companies, mortgage lenders, and even certain retail establishments.

Complying with ECOA means that all these institutions must ensure that their lending practices do not discriminate based on race, color, religion, national origin, sex, marital status, age, or because the applicant receives public assistance. This broad coverage aims to promote fairness in the lending process and ensure equal access to credit for all applicants.

In contrast, the other options, which suggest that compliance is limited to specific types of institutions, do not capture the comprehensive scope of the ECOA. For example, only banks with federal charters or just credit unions would exclude many other lenders that also engage in credit transactions and are equally responsible for complying with the act. Similarly, real estate agents and mortgage brokers, while they play important roles in the mortgage process, do not by themselves fall under the specifics of the ECOA's compliance requirements, as it directly pertains to lenders. Hence, the requirement for compliance with ECOA encompasses all financial institutions that extend credit, making the