Introduction to Finance

Regulation Z 
enacts Truth in 
Lending section of the Consumer 
Credit Protection Act with intent to 
make consumers able to compare 
costs of alternate forms of credit
•
The Truth in Lending section of the 
Consumer Credit Protection Act
requires disclosure of the 
finance charge and the annual percentage rate of credit along with certain other costs and terms 
to permit consumers to compare the prices of credit from different sources. This act also limits 
liability on lost or stolen credit cards. 
•
The 
Fair Credit Billing Act
sets up a procedure for the prompt correction of errors on a revolving 
charge account and prevents damage to credit ratings while a dispute is being settled.
•
The 
Equal Credit Opportunity Act
prohibits discrimination in the granting of credit on the basis 
of sex, marital status, race, color, religion, national origin, age, or receipt of public assistance.
•
The 
Fair Credit Reporting Act
sets up a procedure for correcting mistakes on credit records and 
requires that records be used only for legitimate business purposes.
•
The 
Consumer Leasing Act
requires disclosure of information to help consumers compare the 
cost and terms of one lease of consumer goods with another and to compare the cost of leasing 
versus buying on credit or for cash.
•
The 
Real Estate Settlement Procedures Act
requires disclosure of information about the services 
and costs involved at the time of settlement when property is transferred from seller to buyer.
•
The 
Electronic Fund Transfer Act
provides a basic framework regarding the rights, liabilities, and 
responsibilities of consumers who use electronic transfer services and of the financial institutions 
that offer them.
•
The 
Federal Trade Commission Improvement Act
authorizes the Federal Reserve BOG to 
identify unfair or deceptive acts or practices on the part of banks and to issue regulations to 
prohibit them.
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