BUSN150 DB5

Apr 8th, 2015
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How does the Fair Debt Collection Practices Act benefit consumers? 2. Why was the Federal Food, Drug, and Cosmetic Act passed?

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BUSN150-DB5NameClassDateProfessorBUSN150-DB5 The Fair Debt Collection Practices Act (FDCPA) was implemented in 1978 in order to provide broader protections for the consumer involving debt collection. While lenders and other businesses are allowed to collect unpaid debt the FDCPA ensures they are not allowed to engage in abusive behavior in order to collect that debt and provides the consumer with an avenue for disputing the debt if the debt information is inaccurate or false. The FDCPA establishes the guidelines that debt collectors must follow, defines the rights of the consumer, and describes the types of penalties that the consumer will be subject to as well as describes the civil remedies available to the consumer. The Consumer Financial Protection Act was implemented in the wake of the many financial scandals occurring during the early 21st Century. In 2010 President Obama signed the act into law to ensure consumers would be afforded greater protections in preventing unfair, deceptive and abusive practices by financial institutions (Swick, 2011). To ensure this law is followed and to provide better checks and balances for financial institutio

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