BMAL 560 2009 Credit Card Accountability Responsibility and Disclosure Act of

Bmal 560 2009 credit card accountability

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BMAL 560 2009 – Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit CARD Act); ameds the Truth in Lending Act; federal statute passed to improve consumer disclosures within the credit card industry 2000 – Dodd-Frank Wall Street Reform and Consumer Protection Act signed into law 2011 – Dodd-Frank Wall Street Reform and Consumer Protection Act authorized the creation of the Consumer Financial Protection Bureau (CFPB) in 2011 (Ekins, 2017) 2016 – Better Online Ticket Sales Act; bans ticket bots and prohibits circumvention of a security measure, access control system, or other technological control measure used online by a ticket issuer 2016 – Consumer Review Fairness Act (CRFA); establishes protection for consumers to express their honest reviews PLACES: United States fully supports the Consumer Protection Act and laws European Parliament; consumer protection in the EU 120 countries World Bank with Fin-CoNEt; international cooperation platform for areas in the financial consumer protection Agencies in 114 economies Essential and pertinent countries involved in consumer protection: United States, Europe, Canada, Nigeria, United Kingdom, PHRASES: Consumer rights did not exist, prior to 1960. Consumer movement presented the Consumer Bill of Rights, including eight points o Right to Safety o Right of Information o Right to Choose o Right to Heard o Right to Basic Needs o Right to Redress o Right Consumer Education o Right to Healthy Environment Improved efficiency, transparency, competition, to financial markets. Page 5 of 9
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BMAL 560 PICTURES: PROSPECTS: Benefits Achieved: o Ensures competitive financial industry o Protects consumers against unfair business practices o Protect consumers from being misinformed o Establishes product standards, testing regulations, and warning labels to assert consumer right o Enchances a healthy, non-threatening consumer environment o Protects consumers purchasing power regulating services o Restricts banks from taking risk with public funds o Unravels the complex web of financial services o Increases transparency and accountability within publicly traded companies o Reduced information and power imbalances Explained Use: ( Anand, S., & Books24x7, I., 2011, p.). o Enables the Federal Deposit Insurance Corporation (FDIC) with powers to ‘‘disaffirm or repudiate any contract or lease to which the covered financial institu- tion is a party’’ o Establishes new independent watchdog agency within the Federal Reserve for consumers o Enables consumers to receive clear and concise information regard financial products’ cost and terms o Expands financial accountability o Enables a new office of financial literacy for consumers o Expands bounties for whistleblowers and gives shareholders some ‘‘say on pay’’ Opposing Viewpoints and Alternatives: (Werden, 1992) o Centered around the problems of buyers in a world of sellers (Sahoo, & Chatterjee, 2009, p. 2) o
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