Finance
The primary purpose of the Equal Credit Opportunity Act (ECOA) is to:
AEnsure all loan applicants receive equal interest rates
BProhibit credit discrimination based on race, color, religion, national origin, sex, marital status, age, or income source✓ Correct
CRequire lenders to make loans to all qualified borrowers
DRegulate maximum interest rates on consumer loans
Explanation
ECOA prohibits creditors from discriminating in credit decisions based on protected characteristics. Lenders must evaluate applicants solely on their creditworthiness and financial qualifications.
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