Some Federal Laws Protecting Consumers

The Electronic Fund Transfer Act limits a consumer's liability if there's been an unauthorized use of an ATM card, debit card or other electronic banking device.

The Equal Credit Opportunity Act prohibits discrimination against loan applicants based on race, sex, age (provided that the applicant is eligible to enter into a binding contract), marital status, religion, national origin or receipt of various types of government assistance.

The Fair Credit Billing Act establishes procedures for correcting errors on credit card bills. This law also allows a card user to dispute a purchase made with a card.

The Truth in Lending Act requires creditors to give consumers information about the Annual Percentage Rates and other costs of a credit card or loan. This law also protects consumers if a credit card is lost or stolen.

The Truth in Savings Act requires disclosures about interest rates and fees and prohibits misleading or inaccurate advertising for checking and savings accounts.