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Consumer protection laws in banking
Consumer protection laws in banking
Order ID 53563633773 Type Essay Writer Level Masters Style APA Sources/References 4 Perfect Number of Pages to Order 5-10 Pages Description/Paper Instructions
Consumer protection laws in banking
The primary federal law governing consumer protection in banking is the Truth in Lending Act (TILA), which was enacted in 1968. TILA requires that lenders disclose certain information to consumers, such as the annual percentage rate (APR), the finance charge, and the total amount financed, in a clear and conspicuous manner. This helps consumers understand the terms of their loans and compare them with other offers. TILA also gives consumers the right to cancel certain types of credit transactions within three days, and grants them the right to sue for damages if a lender fails to disclose the required information.
Another important federal law is the Fair Credit Reporting Act (FCRA), which regulates the credit reporting agencies that collect and maintain information about consumers’ credit history. FCRA requires these agencies to provide consumers with access to their credit reports, and to correct any errors that are discovered. It also limits the circumstances under which credit reports can be shared with third parties, such as potential employers or landlords.
The Fair Credit Billing Act (FCBA) is a federal law that regulates the billing and credit practices of credit card issuers. Among other things, the FCBA requires credit card issuers to provide consumers with an itemized statement of their charges, and to credit the consumer’s account with any disputed amount while they investigate the dispute. If the credit card issuer finds the dispute to be in the consumer’s favor, they must remove the charge and any related finance charges.
In addition to these federal laws, there are also state laws that protect consumers in their interactions with banks and other financial institutions. For example, many states have laws that regulate the interest rates that lenders can charge, and that prohibit certain types of discriminatory lending practices.
One of the key consumer protection laws in banking is the Electronic Fund Transfer Act (EFTA). The EFTA is a federal law that governs electronic fund transfers, such as ATM withdrawals and online banking transactions. It requires financial institutions to disclose certain information to consumers, such as the terms and conditions of the service, and to provide consumers with certain rights, such as the right to receive a refund for unauthorized transactions. The EFTA also limits the liability of consumers for unauthorized transactions and gives them the right to receive provisional credit while disputes are being investigated.
Another consumer protection law in banking is the Fair Debt Collection Practices Act (FDCPA) which regulates the behavior of debt collectors and applies to third-party collectors and not to original creditors. It is a federal law that prohibits debt collectors from engaging in certain types of conduct, such as harassment, false or misleading representations, and unfair practices. The FDCPA requires debt collectors to provide consumers with certain information, such as the amount of the debt and the name of the original creditor, and to cease communication if the consumer requests it.
The Consumer Financial Protection Bureau (CFPB) is a federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Its mission is to protect consumers from unfair, deceptive, or abusive practices and take action against companies that break the law. The CFPB has the authority to supervise and examine large banks, nonbank mortgage companies, and other nonbank financial companies, and has the power to enforce federal consumer financial laws.
In conclusion, consumer protection laws in banking are designed to ensure that consumers are treated fairly and transparently in their interactions with financial institutions. These laws establish standards for fair and transparent practices, and provide avenues for consumers to seek redress in the event of a violation.
Consumer protection laws in banking
RUBRIC
QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points: Student failed to submit the final paper. 20 points out of 50: The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50: The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately. Elements of the required response may also be lacking. 40 points out of 50: The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples. The answer is complete. 50 points: The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples. No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points: Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points: Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points: References to scholarly sources are occasionally given; many statements seem unsubstantiated. Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points: Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented. APA 6th Edition is used with only a few minor errors. There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points: Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented. APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points: Student failed to submit the final paper. 5 points out of 20: The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors 10 points out 20: The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20: The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points: The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points: Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements. The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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