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Consumer Protection Acts in Financial Regulations that You Should Know

Consumers are protected from exploitation by the government through the consumer protection laws in its financial regulations. Each consumer protection act in financial regulations is limited by the omissions. Here are some of the consumer protection acts in financial regulations that you should know.

In 1968, the Congress enacted a consumer credit protection act to protect the consumers and their financial records from abuse. 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. There is a rapid increase in theft by cybercriminals, underground and legitimate market for data and data analytics thus the government has to establish more laws that regulate the extent to which one can collect data on the financial history of the other person and what they are allowed to do with the data.

The financial privacy act was passed in 1978 by Congress to restrict the extent to which the government can access your personal financial records. The verdict in the Supreme Court of the United States v. Miller in 1978 declared that the records of the consumer of a bank are not subject to constitutional privacy protection; thus the Congress reacted to this ruling by passing the right to financial privacy act to protect the confidentiality of personal financial records.

Government officials cannot gain access to personal financial records if they lack a written consent, a search warrant or a subpoena as required by the financial privacy act. The applies to the federal government and its agents, officers, agencies and departments alone but not the local or state governments. 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. This law takes care of partnerships of five or less than five members and individuals but not companies and large groups like labor unions and trade associations. 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.

Federal Reserve Board in 1985 adopted the credit practices rule to protect the consumers who were in debt. The act deals with consumer credit contracts with creditors such as department stores, car dealers, and financing companies. The act is concerned with houseboats and mobile homes but not bank loans, agreements with loan associations, or real estate purchases.

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