| A | B |
|---|
| Federal Deposit Insurance Corporation (FDIC) | pays a depositor up to $250,000 per account, if an insured bank fails |
| Electronic Fund Transfer Act | Protects consumers against unauthorized transactions |
| Home Equity | Allows consumers to borrow money while using their home as collateral |
| Home Equity Consumer Protection Act | Requires creditors to disclose the conditions, rates, and terms of home equity loan plans |
| Right to Financial Privacy Act | This act created Fourth Amendment protection for bank records |
| Thrift and Bank Fraud Act | increased the government’s ability to combat bank fraud |
| Bank Fraud | The act of obtaining credit, assets, money, funds, or securities under the custody of a financial institution through false pretenses |
| Credit | A contractual agreement in which one party receives something of value now and agrees to pay the lender in the future |
| Credit Report | summarizes a consumer’s financial history including number of credit cards, payments to credit cards, and number of late payments |
| Fair Credit Reporting Act | Consumers have the right to receive an accurate, up-to-date credit report |
| Equal Credit Opportunity Act | A credit application can only be judged on the basis of financial responsibility |
| Fair Debt Collection Practices Act | Prohibits unfair, abusive, and deception methods of collecting debt |
| Truth in Lending Law | Requires creditors to provide consumers with the terms and cost of credit: |
| Usury Law | Sets the maximum amount of interest that can be charged for a loan |
| Credit Reporting Act | credit report one time every 12 months from each credit reporting agency: Equifax Experian Trans Union |
| Credit Card Act of 2009 | Requires that credit applicants under the age of 21 have a cosigner |
| Chapter 7 Bankruptcy | Requires the debtor to liquidate (sell) nonexempt property to repay creditors |
| Chapter 11 Bankruptcy | allows businesses to create a plan to “reorganize” and pay off their debts over time. |
| Chapter 12 Bankruptcy | allows family farmers and fishing business owners to recover from debt |
| Chapter 13 Bankruptcy | allows an individual to submit a plan to repay debts in 3 to 5 years. |
