Consumer Financial Protection Bureau (CFPB)
The Consumer Financial Protection Bureau aims to make consumer financial markets work as a whole for consumers, responsible providers, and the economy as a whole. The CFPB actively protects consumers from unfair, deceptive, or abusive practices, and takes action against companies that break the law. By providing people with the information, steps, and tools they need to make smart financial decisions, the CFPB assists consumers.
Credit Card Act
The Credit Card Act is based on 2 principles: fairness and transparency. It prohibits unfair and abusive practices and makes the rates and fees on credit cards transparent and more easily understood for consumers.
Federal Communications Commission (FCC)
The Federal Communications Commission regulates interstate and international radio, television, wire, satellite, and cable communications in all 50 states, the District of Columbia, and U.S. territories. While it is an independent U.S. government agency that is overseen by Congress, it is the United States’ primary authority for communications laws, regulations, and technological innovation.
Fair Credit Reporting Act (FCRA)
The federal Fair Credit Reporting Act promotes fair and accurate credit reporting. It also insures fairness, impartiality, and privacy for consumers. The FCRA recognizes the many types of consumer reporting agencies and the vital role they play in collecting consumer credit and other information.
Fair Debt Collection Practices Act (FDCPA)
The Fair Debt Collection Practices Act is a law that restricts the means and methods of third-party debt collectors who are attempting to collect a debt on behalf of another person or entity. The FDCPA covers: mortgages, credit cards, medical debts, and other debts mainly for personal, family, or household purposes. FDCPA also protects reputable debt collectors from unfair competition and encourages consistent state action to protect consumers.
Federal Trade Commission (FTC)
The Federal Trade Commission is an independent agency of the federal government that promotes the protection of consumers and eliminates and prevents anticompetitive business practices. The FTC handles complaints regarding unfair business practices such as scams and deceptive advertising.
The Gramm-Leach-Bliley-Act requires financial institutions to explain how they share and protect their customer’s private information, including how they share customer’s sensitive data, informing customers of their right to opt-out of information sharing with third parties, and applying specific protections to customers’ private data according to the financial institution’s written information security plan.
Health Insurance Portability and Accountability Act (HIPAA)
The Health Insurance Portability and Accountability Act was created to modernize the flow of healthcare information and establish national standards for electronic health care transactions and national identifiers for providers, health care plans, and employers. It stipulates how personally identifiable information maintained by healthcare agencies and healthcare insurance agencies should be protected from fraud and theft. HIPAA legislation is complex and subject to periodic enforcement audits, which makes it essential for the healthcare industry to ensure compliance with all HIPAA requirements to avoid civil and criminal penalties.
Office of the Comptroller of the Currency (OCC)
The Office of the Comptroller of the Currency is an independent bureau within the United States Department of the Treasury that maintains the integrity of the federal banking system and charters, regulates, and supervises all national banks and thrift institutions as well as the federally licensed branches and agencies of foreign banks in the United States.
Office of Foreign Assets (OFAC)
The Office of Foreign Assets is a financial intelligence and enforcement agency of the U.S. Treasury Department and administers and enforces economic and trade sanctions based on U.S. foreign policy and national security objectives. The OFAC has the power to levy significant penalties such as imposing fines, freezing assets, and barring parties from operating in the United States. The OFAC carries out its activities against targeted foreign states and other organizations and individuals, such as terrorist groups and international narcotics traffickers, identified as threats to the United States.
Servicemembers Civil Relief Act (SCRA)
The Servicemembers Civil Relief Act is a federal law that enables U.S. military members to receive money saving financial relief and protections when they are called to Active Duty. These protections can cover credit card interest rates, cell phone service contracts, termination of specified contracts, eviction prevention, mortgages, installment contracts, postponed civil judicial proceedings, income tax payments, and more.
Telephone Consumer Protection Act (TCPA)
The Telephone Consumer Protection Act safeguards consumer privacy by restricting telephone soliciting and the use of automated telephone equipment. TCPA makes consumer consent a primary focus for businesses.
The National “Do Not Call” Registry
The National “Do Not Call” Registry is free and provided by the Federal Trade Commission as a way for consumers to reduce unwanted telemarketing calls consumers receive at home.
Equal Credit Opportunity Act
The Equal Credit Opportunity Act prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or status of public assistance. While creditors may ask for this information, it may not be used to determine a consumer’s eligibility to receive credit or used to set the terms of a consumer’s credit.
U.S. Government Identity Theft Website
The U.S. Government Identity Theft Website provides consumers with important information and resources on common scams and frauds, how to protect against identity theft, and how to respond if identity theft occurs.
Equifax is a consumer credit reporting agency. They provide consumers with free services such as an annual credit report, fraud alerts, learning about how credit scores are calculated, protecting against identity theft, and more.
Experian is a consumer credit reporting agency that provides consumers with a free annual credit report as well as information on helping consumers to understand credit scores and how to improve bad credit history.
Transunion is a consumer credit reporting agency providing consumers with information on a free annual credit report, credit education, the Fair and Accurate Credit Act (FACT ACT), and more.