Equal Credit Opportunity Act

Equal Credit Opportunity Act - States that it is the purpose of this Act to require that financial institutions and other firms engaged in the extension of credit make that credit equally available to all creditworthy customers without regard to race, sex, or marital status. Makes it unlawful for any creditor to discriminate against any applicant on the basis of race, color, religion, national origin, age, sex, or marital status.

Defines the terms used in the Act.

Provides that the declination of credit on terms offered pursuant to (1) any loan assistance program expressly authorized by law for an economically disadvantaged class of persons; (2) any loan assistance program administered by a nonprofit organization for its members or an economically disadvantaged class of persons; or (3) any special purpose loan program offered by a profitmaking organization to meet special social needs which is specifically approved by the Board or meets standards prescribed in regulations by the Board, shall not constitute a violation of this Act.

Directs the Board of Governors of the Federal Reserve System to prescribe regulations to carry out the purposes of this Act. Makes changes in specified Acts of Congress in order to make those Acts comply with the purposes of this Act. Directs the Federal Trade Commission to enforce the requirements of this Act to the extent that they will not be enforced by another Government agency after enactment of this Act.

Provides for the assessment by a United States District Court of actual and punitive damages in any action brought against a violator of this Act.