Which agency monitors compliance with the Equal Credit Opportunity Act (ECOA)?

The Consumer Financial Protection Bureau (CFPB) is the agency responsible for monitoring compliance with the Equal Credit Opportunity Act (ECOA). The ECOA is a key piece of legislation that prohibits discrimination in credit transactions and aims to ensure that all consumers have equal access to credit without discrimination based on race, color, religion, national origin, sex, marital status, age, or because they receive public assistance.

The CFPB was established to enforce consumer protection laws and has a broad mandate to oversee financial institutions, ensuring they adhere to regulations like the ECOA. The Bureau conducts research, monitors compliance, and takes action against lenders that discriminate against consumers, which directly supports the objectives of ECOA.

Other agencies mentioned, such as the Federal Trade Commission (FTC) and the Department of Housing and Urban Development (HUD), have related consumer protection roles but do not specifically monitor compliance with ECOA in the same direct capacity as the CFPB. Congress, while it may enact laws and oversee federal regulation, does not have a role in the enforcement of ECOA on a day-to-day basis. Thus, the identification of the CFPB as the enforcing agency aligns directly with its regulatory responsibilities in protecting consumers in financial markets.