How frequently must mortgage lenders report their compliance with the Equal Credit Opportunity Act?

Mortgage lenders must report their compliance with the Equal Credit Opportunity Act (ECOA) on an annual basis. This requirement is in place to ensure that lenders provide equal access to credit and do not discriminate on prohibited bases such as race, color, religion, national origin, sex, marital status, or age.

Annual reporting allows regulators to assess lending patterns and practices over a significant period, enabling them to identify potential discrimination or fair lending violations. By reviewing this data yearly, the Consumer Financial Protection Bureau (CFPB) and other regulatory bodies can carry out their oversight responsibilities effectively, ensuring compliance and protecting consumers' rights.

The other reporting frequencies mentioned, such as monthly, quarterly, and biennially, do not align with the established requirement for lenders to report under the ECOA, underscoring the importance of the annual timeframe for compliance monitoring.