Equal Credit Opportunity Act
10/28/1974
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The Equal Credit Opportunity Act prohibited discrimination on the basis of sex and marital status in the granting of consumer credit. It banned lenders from discriminating against women, giving them more financial equality.
Before the Act, married women could be asked about their intent to bear children or even their birth control practices when applying for a loan. A single woman could be required to get their father’s signature. Addressing how creditors discriminated against women as buyers and borrowers, this legislation made it illegal for any creditor to treat applicants differently based on gender or marital status. Within in six years, single women were buying one-third of all condominiums and one-tenth of all homes.
President Gerald Ford signed the act into law on October 28, 1974. He said that "women are still too often treated as second-class citizens in the credit world. This legislation officially recognizes the basic principle tha [sic] women should have access to credit on the same terms as men."
The full title of the act, H.R.11221 (Public Law 93-495), is: An Act to increase deposit insurance from $20,000 to $40,000, to provide full insurance for public unit deposits of $100,000 per account, to establish a National Commission on Electronic Fund Transfers, and for other purposes.
Before the Act, married women could be asked about their intent to bear children or even their birth control practices when applying for a loan. A single woman could be required to get their father’s signature. Addressing how creditors discriminated against women as buyers and borrowers, this legislation made it illegal for any creditor to treat applicants differently based on gender or marital status. Within in six years, single women were buying one-third of all condominiums and one-tenth of all homes.
President Gerald Ford signed the act into law on October 28, 1974. He said that "women are still too often treated as second-class citizens in the credit world. This legislation officially recognizes the basic principle tha [sic] women should have access to credit on the same terms as men."
The full title of the act, H.R.11221 (Public Law 93-495), is: An Act to increase deposit insurance from $20,000 to $40,000, to provide full insurance for public unit deposits of $100,000 per account, to establish a National Commission on Electronic Fund Transfers, and for other purposes.
This primary source comes from the Records of the U.S. Senate.
Full Citation: Equal Credit Opportunity Act (H.R. 11221); 10/28/1974; Records of the U.S. Senate, Record Group 46; National Archives Building, Washington, DC. [Online Version, https://www.docsteach.org/documents/document/equal-credit-opportunity-act, May 20, 2025]Rights: Public Domain, Free of Known Copyright Restrictions. Learn more on our privacy and legal page.
