Fair Housing Act (1968)
Prohibits discrimination in the extension of housing credit on the basis of race, color, religion, national origin, sex, handicap, or family status.
Truth in Lending Act (1968)
Requires uniform methods for computing the cost of credit and for disclosing credit terms. Gives borrowers the right to cancel, within three days, certain loans secured by their residences. Prohibits the unsolicited issuance of credit cards and limits cardholder liability for unauthorized use. Also imposes limitations on home equity loans with interest rates or fees above a specified threshold.
Fair Credit Reporting Act (1970)
Protects consumers against inaccurate or misleading information in credit files maintained by credit-reporting agencies; requires credit-reporting agencies to allow credit applicants to correct erroneous reports.
Flood Disaster Protection Act of 1973
Requires flood insurance on property in a flood hazard area that comes under the National Flood Insurance Program.
Fair Credit Billing Act (1974)
Specifies how creditors must respond to billing-error complaints from consumers; imposes requirements to ensure that creditors handle accounts fairly and promptly. Applies primarily to credit and charge card accounts (for example, store card and bank card accounts). Amended the Truth in Lending Act.
Equal Credit Opportunity Act (1974)
Prohibits discrimination in credit transactions on several bases, including sex, marital status, age, race, religion, color, national origin, the receipt of public assistance funds, or the exercise of any right under the Consumer Credit Protection Act. Requires creditors to grant credit to qualified individuals without requiring cosignature by spouses, to inform unsuccessful applicants in writing of the reasons credit was denied, and to allow married individuals to have credit histories on jointly held accounts maintained in the names of both spouses. Also entitles a borrower to a copy of a real estate appraisal report.
Real Estate Settlement Procedures Act of 1974
Requires that the nature and costs of real estate settlements be disclosed to borrowers. Also protects borrowers against abusive practices, such as kickbacks, and limits the use of escrow accounts.
Home Mortgage Disclosure Act of 1975
Requires mortgage lenders to annually disclose to the public data about the geographic distribution of their applications, originations, and purchases of home-purchase and home-improvement loans and refinancings. Requires lenders to report data on the ethnicity, race, sex, income of applicants and borrowers, and other data. Also directs the Federal Financial Institutions Examination Council, of which the Federal Reserve is a member, to make summaries of the data available to the public.
Consumer Leasing Act of 1976
Requires that institutions disclose the cost and terms of consumer leases, such as automobile leases.
Fair Debt Collection Practices Act (1977)
Prohibits abusive debt collection practices. Applies to banks that function as debt collectors for other entities.
Community Reinvestment Act of 1977
Encourages financial institutions to help meet the credit needs of their entire communities, particularly low- and moderate-income neighborhoods.
Right to Financial Privacy Act of 1978
Protects bank customers from the unlawful scrutiny of their financial records by federal agencies and specifies procedures that government authorities must follow when they seek information about a customer’s financial records from a financial institution.
Electronic Fund Transfer Act (1978)
Establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and of financial institutions that offer these services. Covers transactions conducted at automated teller machines, at point-of-sale terminals in stores, and through telephone bill-payment plans and preauthorized transfers to and from a customer’s account, such as direct deposit of salary or Social Security payments.
Federal Trade Commission Improvement Act (1980)
Authorizes the Federal Reserve to identify unfair or deceptive acts or practices by banks and to issue regulations to prohibit them. Using this authority, the Federal Reserve has adopted rules substantially similar to those adopted by the FTC that restrict certain practices in the collection of delinquent consumer debt, for example, practices related to late charges, responsibilities of cosigners, and wage assignments.
Expedited Funds Availability Act (1987)
Specifies when depository institutions must make funds deposited by check into a checking account or other transaction account available to depositors for withdrawal. Requires institutions to disclose to customers their policies on funds availability.
Women’s Business Ownership Act of 1988
Extends to applicants for business credit certain protections afforded consumer credit applicants, such as the right to an explanation for credit denial. Amended the Equal Credit Opportunity Act.
Fair Credit and Charge Card Disclosure Act of 1988
Requires that applications for credit cards that are sent through the mail, solicited by telephone, or made available to the public (for example, at counters in retail stores or through catalogs) contain information about key terms of the account. Amended the Truth in Lending Act.
Home Equity Loan Consumer Protection Act of 1988
Requires creditors to provide consumers with detailed information about open-end credit plans secured by the consumer’s dwelling. Also regulates advertising of home equity loans and restricts the terms of hone equity loan plans.
Truth in Savings Act (1991)
Requires that depository institutions disclose to depositors certain account information about their accounts—including the annual percentage yield, which must be calculated in a uniform manner—and prohibits certain methods of calculating interest. Regulates advertising of savings accounts.
Home Ownership and Equity Protection Act of 1994
Provides additional disclosure requirements and substantive limitations on home-equity loans with rates or fees above a certain percentage or amount. Amended the Truth in Lending Act.
Gramm-Leach-Bliley Act, title V, subpart A, Disclosure of Nonpublic Personal Information (1999)
Describes the conditions under which a financial institution may disclose nonpublic personal information about consumers to nonaffiliated third parties, provides a method for consumers to opt out of information sharing with nonaffiliated third parties, and requires a financial institution to notify consumers about its privacy policies and practices.
Fair and Accurate Credit Transaction Act of 2003
Enhances consumers’ ability to combat identity theft, increases the accuracy of consumer reports, allows consumers to exercise greater control over the type and amount of marketing solicitations they receive, restricts the use and disclosure of sensitive medical information, and establishes uniform national standards in the regulation of consumer reporting. Amended the Fair Credit Reporting Act.