Question

Choose one of the laws that protect consumers' financial rights and find three articles describing instances of financial institutions breaking this law. Write a report (about 500 words) describing the circumstances of the violation and the penalties associated with the violation.

Answer 1

Answer:

Consumer protections sound like it should be a guarantee in Usa, but the government never intervened to protect citizens in the 1960s.

It began mostly with 1968 Consumer Credit Protection Act, when Congress stepped on from violence to defend consumers and their financial histories.

Many regulations expanded investor protections in the years that followed, detailing how the government can obtain records from bank clients, how banks manage lenders and how lenders manage deposit accounts.

During the Great Depression of 2008, it all reached a climax and with that, the financial stability oversight Bureau was created, a new federal department committed to defending customers.

Answer 2

Answer:

For this report I chose to use the Truth in Lending Act. The Truth in Lending Act protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans. This protects you from loan overdraft and over billing. This allows the consumer ease to their day of anytime they run into finacial issues. As this makes better sense to consumers it helps others all over the world. People use it in hopes that this will help them in everyday.

Explanation: