The Equal Credit Opportunity Act (ECOA) is a federal law enacted in 1974 that ensures all individuals have equal access to credit. It prohibits lenders from discriminating against applicants based on race, color, religion, national origin, sex, marital status, or age. This law aims to promote fairness in lending practices and to help individuals secure loans without bias. Under the ECOA, lenders are required to provide clear reasons for denying credit applications. It also mandates that they maintain records of credit applications to ensure compliance with the law. The Consumer Financial Protection Bureau (CFPB) oversees the enforcement of the ECOA, protecting consumers' rights in the credit market.