The Essential Laws of Explained


Arts & Entertainment / Thursday, March 26th, 2020

Essential Consumer Protection Acts in Financial Regulations

Consumers are protected from exploitation by the government through the consumer protection laws in its financial regulations. The consumer protection acts in financial regulations are limited by the exceptions. These are the consumer protection acts in financial regulations that you should be educated on.

The 1968 consumer credit protection act was passed by Congress to protect consumers and their financial records from being abused. More laws have been set later on that clarify how the government should get information from the bank about a customer, how the bank should manage deposits of its customers and the relationship that the bank should have with borrowers. The government has been forced to formulate more laws that control the limit that one should gather data about the financial history of another person and things they should do and not do with the data because data theft by cybercriminals, underground and legal market for data and data analytics is growing rapidly.

The government cannot access your personal financial records beyond a specified limit as defined by the right to financial privacy act. The Congress moved this act to protect the confidentiality of personal financial records after the 1978 judgment in the Supreme Court of the United States v. Miller stated that the records of the consumer of a bank are not subject to constitutional privacy protection.

The financial privacy act requires that government officials should get a search warrant, consent in written or a subpoena for them to access personal financial records. The local or state governments are not affected by this law for it governs the federal government and its agents, officers, agencies, and departments alone. The investigators must mail the account holder a notification and wait for response for 10-14 days after the mailing date before they are allowed to start a search that should also be authorized. Companies and large groups like labor unions and trade associations are not included in this law for it only protects partnerships of five or less than five members and individuals alone. This law governs institutions like money-order issuers, depository institutions such as banks, the U.S. postal service, securities and futures brokerages, thrifts and credit unions, travelers’ check issuers, commodity trading advisors, casinos and card clubs.

Consumers in debt are protected by the credit practices rule that was embraced by Federal Reserve Board in 1985. The act deals with consumer credit contracts with creditors such as department stores, car dealers, and financing companies. The law takes care of houseboats and mobile homes although it excludes bank loans, contracts with loan associations, or real estate purchases.

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