Question
List three types of consumer protection laws in banking and give an example of each type. here is my answer but I need someone to
List three types of consumer protection laws in banking and give an example of each type.
here is my answer but I need someone to write the types for each of them, because i did not get it.
Fair Debt Collection Practices Act (1977) Prohibits abusive debt-collection practices. Applies to banks that function as debt collectors for other entities This is to avoid banks trying to collect money from customers who are on a bad financial situation on an abusive way leaving them with out enough money to survive.
Federal Trade Commission Improvement Act (1980) Authorizes the Federal Reserve to identify unfair or deceptive acts or practices by banks and to issue regulations to prohibit them. For example, practices related to late charges, responsibilities of cosigners, and wage assignments.
Right to Financial Privacy Act of 1978 Protects bank customers from the unlawful scrutiny of their financial records by federal agencies and specifies procedures that government authorities must follow when they seek information about a customer
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