If there are violations of the Equal Credit Opportunity Act (ECOA), affected consumers:
A) have the right to file a petition to the president to seek redressal.
B) cannot seek public enforcement by the FTC but have the right to sue under private remedies provided in the Act.
C) have to depend on public enforcement by the FTC as they do not have the right to sue.
D) have the right to sue as well as the right to seek public enforcement by the FTC.
E) have the right to resort to intimidatory tactics against the guilty party.

Question

Quizplus · Accepted Answer

The Equal Credit Opportunity Act (ECOA) has both private remedies that consumers can pursue as well as public enforcement by the Federal Trade Commission. For this reason, consumers do not depend on the FTC to ensure they have equal opportunities for credit. If there are violations of the ECOA, affected consumers can sue.

If There Are Violations of the Equal Credit Opportunity Act