Consumer credit | Federal Trade Commission
Millions of Americans have struggled with their finances due to tough economic times in recent years, and stopping scam artists from stealing consumers’ last dollars is an ongoing priority for the Federal Trade Commission. The FTC has a range of tools to do this, including the FTC Act, which prohibits unfair or deceptive marketing practices. The agency is also taking action by issuing regulations to protect consumers, including rules regarding mortgage foreclosure assistance services, credit reports, mortgage advertising, debt relief services sold by telemarketers and other financial products and services. The FTC’s jurisdiction covers for-profit entities such as mortgage companies, mortgage brokers, creditors, and debt collectors, but not banks, savings and credit institutions, and credit unions. federal credits. The agency also has enforcement and, in some cases, regulatory powers under the Truth in Lending Act, the Property and Equity Protection Act, the Consumer Leasing, Fair Debt Collection Practices Act, Fair Credit Reporting Act, Equal Credit Opportunity Act, Credit Repair Organizations Act, Electronic Funds Transfer Act and the confidentiality provisions of the Gramm-Leach-Bliley Act. The FTC’s extensive consumer education efforts help consumers manage their financial resources, avoid fraud and deception, and learn about emerging scams.
In 2010, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. Among other things, Dodd-Frank is establishing a new Consumer Financial Protection Bureau with the power to oversee and regulate entities that offer or provide financial products or services to consumers. The CFPB will enforce more than a dozen consumer financial protection laws, including the Fair Credit Reporting, Fair Debt Collection Practices Act, and Truth-in-Lending Act. In addition, the CFPB will have the power to stop “unfair, deceptive or abusive” practices. The FTC shares authority with the CFPB to enforce consumer protection laws against non-bank financial institutions.