ASCC Federal Trade Commission & Consumer Financial Protection Bureau Research Paper

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xnafnfgerr

Law

Alabama Southern Community College

Description

  • Research "THE FEDERAL TRADE COMMISSION" and "THE CONSUMER FINANCIAL PROTECTION BUREAU"
  • Address, at a minimum, the following:
    • The legal protections afforded to consumers by these bodies
    • The rules/laws/regulations that these bodies apply/enforce to provide those protections
    • The steps that are taken to investigate/enforce violations of consumer rights
    • The penalties that may be imposed for violating these rules/laws/regulations
    • The "real" impact and significance of their activities on U.S. commerce
    • Cite 3-5 cases along with brief, case summaries to present examples of how at least one of these bodies (and their rules/laws/regulations) has protected a consumer.
    • Anything else that you can add

Guidelines for Submission:

  • Follow the appropriate rules for citation as they apply to your discipline
    • APA for business students
    • Uniform Bluebook of Citations for paralegal and legal studies students
  • To fully address the main points of this Act, at least five pages would be required (not including cover page or reference page)
  • At least five credible sources are required (i.e. scholarly or professional, not wiki sites)
  • Submit as a Word Document, Double-Spaced, Times New Roman, 12 Point Font with 1" Margins

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Explanation & Answer

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Federal Trade Commission and Consumer Financial Protection Bureau

Student Name
Name of the Instructor
Institutional Affiliation
Course Title and Number
Submission Date

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Legal Protection
The Federal Trade Commission protects consumers against scammers who steal their
money. The Federal Trade Commission uses various tools such as the FTC Act to protect
consumers. The Act prohibits deceptive and unjust business practices that exploit consumers. The
Commission also protects consumers through its regulations and rules that covers mortgage
disclosure assistance services, mortgage advertising, credit reporting, writing off of debt securities
sold by telemarketers, and other financial services or assets (Scammon, 2014). The agency's
authority covers enterprises whose main objective is to make profit, which include mortgage
brokers, companies, debt collectors, and creditors and does not cover loan and savings institutions,
banks, and federal credit unions. The Commission collects reports from consumers and conducts
investigations to stop the unjust, deceitful and fraudulent business practices that exploit debt
clients. FTC also protects consumers by suing people and institutions that break the law, develop
rules to ensure a just marketplace, and educate companies and consumers about their rights and
obligations.
In some cases, FTC has law enforcement and regulatory powers under Consumer Leasing
Law, Home Ownership and Equity Protection Act, Electronic Fund Transfer Act, Truth in Lending
Act, Fair Reporting Act, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, Credit
Repair Organization Act and other privacy provisions Acts. The agency also protects consumers
through the Consumer Protection Act and Dodd-Frank Wall Street Reform enacted in 2010
(McCoy, 2018). The Act establishes a Consumer Financial Protection Bureau (CFPB) which
regulate and supervise enterprises that provide or offer financial products and services to
consumers. The CFPB is an independent agency with the authority to enforce and implement
consumer financial law to ensure that all consumers have access to financial services or products.

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The agency also provides that markets for financial products or services are fair, transparent, and
competitive.
Laws/Rules/Regulations by FTC and CFPB to Protect Consumers
Operations Corrupt Collector is an initiative by the Federal Trade Commission that protects
consumers against debt collectors who engage in illegal practices. The CFPB covers various
consumer financial laws, including the Fair Credit Reporting Act, Truth-in-Lending Act, and Fair
Debt Collect...


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