Credit / Debit, Checking and Gift Card Laws : Ohio and Federal: Credit Cards

Dodd-Frank Wall Street Reform Act established prohibitions against unfair, deceptive or abusive acts or practices in connection with a consumer financial product or service.

Prohibits unfair or deceptive acts or practices in or affecting commerce.

The Fair Credit Reporting Act protects consumers by requiring that inaccurate or obsolete credit report information be removed from a credit report. It applies to credit reporting agencies, and to businesses that supply information to credit reporting agencies and those that use consumer reports.

The Bank Secrecy Act requires U.S. financial institutions to assist U.S. government agencies to detect and prevent money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities. Bank customers can also be guilty of violating these sections.

Part of the US Dept. of the Treasury. Its mission is to safeguard the financial system from illicit use and combat money laundering. 18 USC 1956 gives a Federal Receiver standing equivalent to that of a Federal prosecutor for the purpose of submitting requests to obtain information regarding the assets of the defendant from the Financial Crimes Enforcement Network.

Comptroller's Handbook

Identity Theft Red Flags Rule

Truth in Lending (Regulation Z) deals with the disclosure of information regarding the credit transaction. It requires anyone who regularly extends credit to consumers for personal, family, or household purposes to make certain disclosures regarding those credit terms. The disclosures include such things as the monthly finance charge, the annual percentage rate, when payments are due, when late charges are due, and the total finance charges.

lets an acquiring partner look up whether another acquiring partner has terminated a merchant in the past and the reason for said termination, to help with an onboarding decision.

3/5/24 Rule closes loophole exploited by companies to hike fees with inflation

CNN.com 1/7/25

The PCI Security Standards Council (PCI SSC) is a global forum for the ongoing development, enhancement, storage, dissemination and implementation of security standards for account data protection.