consumer protection

Credit Card Accountability Responsibility and Disclosure Act of 2009

A consumer protection law also called the Credit CARD Act. Among its provisions is a prohibition against retroactive rate increases, a requirement that terms be clearly spelled out, and an extension of time before late fees can be imposed. The law also increases protections for students and young people when it comes to new credit card offers.

investigative consumer report

A consumer report from a consumer reporting agency that includes information on a person's character, general reputation, personal characteristics, or lifestyle that is based at least in part on personal interviews with the person's friends, family members, neighbors, and others who have information about the person. To request an investigative consumer report, the person making the request must follow the procedures laid out in the Fair Credit Reporting Act. (See: consumer report, consumer protection laws)

Federal Trade Commission (FTC)

A federal government agency established to regulate business practices and enforce antitrust laws. The FTC often shows up in the news when big businesses attempt to merge, but it also plays a role in protecting consumers from unfair business practices, including actions by collection agencies and credit bureaus. While the FTC generally does not have authority to intervene in specific consumer disputes, it can take action against a company about which it has received numerous consumer complaints.

Federal Deposit Insurance Corporation (FDIC)

 

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system by:

  • insuring deposits,
  • examining and supervising financial institutions for safety and soundness and consumer protection, and
  • managing receiverships.

See:  http://www.fdic.gov/

 

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