Which statement is false regarding the Equal Credit Opportunity Act?

The statement that a person can be denied for being too close to retirement age is false in the context of the Equal Credit Opportunity Act (ECOA). The ECOA prohibits lenders from discriminating against applicants based on age, among other factors. This means that a person's age, including being close to retirement, cannot be a basis for denying credit.

The ECOA is designed to ensure that all individuals have equal access to credit and are evaluated on their creditworthiness rather than being judged or discriminated against based on personal characteristics such as age, race, gender, or marital status. The goal is to create a fair lending environment, which emphasizes that factors like proximity to retirement should not influence lending decisions.

In contrast, the other statements correctly reflect provisions or the intent of the ECOA. The act is indeed aimed at eliminating discrimination in lending practices, is enforced by the Consumer Financial Protection Bureau, and while lenders may ask for a spouse's involvement for various reasons, they cannot require it as a blanket rule for all loans.