What act requires lenders to provide equitable access to credit?

The act that requires lenders to provide equitable access to credit is the Equal Credit Opportunity Act (ECOA). This federal law prohibits discrimination against applicants for credit on the basis of race, color, religion, national origin, sex, marital status, age, or because they receive public assistance. ECOA ensures that all individuals are treated fairly when they apply for credit, aiming to make the lending process more equitable.

The Home Mortgage Disclosure Act focuses on transparency in lending, requiring financial institutions to report data about their mortgage lending practices. While this is important for monitoring discrimination, it does not directly require equitable access itself.

The Community Reinvestment Act encourages banks to meet the credit needs of the communities in which they operate, particularly low- and moderate-income neighborhoods. However, it does not enforce non-discrimination in the same way that ECOA does.

The Consumer Financial Protection Act established the Consumer Financial Protection Bureau (CFPB) to oversee financial products and services to ensure they are safe and fair, but it does not specifically mandate equitable access to credit like the Equal Credit Opportunity Act does.