Federal statutes guarantee transparency, non-discrimination, and standardized disclosures across the consumer credit landscape.
Equal Credit Opportunity Act (ECOA)
The ECOA makes it unlawful for any creditor to discriminate against an applicant based on race, color, religion, national origin, sex, marital status, age, or because income derives from public assistance programs.
Right of Rescission
In certain consumer credit transactions, borrowers have a statutory three-day right of rescission to cancel the agreement without financial penalty before funds are disbursed.