What does ECOA (Reg B) stand for?

The correct answer, A, refers to the Equal Credit Opportunity Act, commonly abbreviated as ECOA. This federal law was enacted in 1974 to prevent discrimination in credit transactions. Under ECOA, lenders are prohibited from denying credit on the basis of race, color, religion, national origin, sex, marital status, age, or because the applicant's income comes from a public assistance program. The aim of this act is to ensure that all individuals have equal access to credit and are treated fairly by creditors.

Understanding the significance of ECOA is crucial for credit unions and financial institutions as they must comply with its regulations during the lending process. This includes the need for fair lending practices and consistently reviewing their policies and procedures to ensure they are in line with ECOA requirements.

The other options provided do not correctly describe ECOA. The Economic Credit Oversight Act and Electronic Consumer Online Act are not established legal terms or acts related to credit opportunities. Similarly, the Equitable Credit Organization Agreement does not exist as a recognized act or regulation under U.S. law concerning credit opportunities. Hence, option A is the accurate representation of the law in question.