Which regulatory body enforces the Equal Credit Opportunity Act (ECOA)?

The Consumer Financial Protection Bureau (CFPB) is the primary regulatory body responsible for enforcing the Equal Credit Opportunity Act (ECOA). This act is designed to ensure that all consumers have equal access to credit without discrimination based on race, color, religion, national origin, sex, marital status, or age. The CFPB monitors and enforces compliance with ECOA by financial institutions, providing oversight and taking action against violations to protect consumers' rights in the credit market.

The other regulatory bodies mentioned have different roles: the Federal Reserve primarily oversees monetary policy and regulates banking institutions, the Federal Trade Commission addresses consumer protection and antitrust issues, and the Office of the Comptroller of the Currency generally regulates national banks. While these organizations play significant roles in the financial sector, it is the CFPB that specifically focuses on enforcing regulations aimed at consumer credit, including the ECOA.