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

The Check 21 Act, allows for electronic checks.

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.

The Fair Credit Billing Act's purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in "open end" credit accounts, such as credit card or charge card accounts

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 Equal Credit Opportunity Act prohibits credit discrimination on the basis of race, color, religion, national origin, age, sex, or marital status.

The Fair Debt Collection Practices Act protects consumers by prohibiting debt collectors from taking certain actions when collecting a debt. Personal, family, and household debts are covered under the act. Prohibited actions include using threats of violence or harm, using false statements, or contacting the consumer before 8:00 a. m. or after 9:00 p. m. The debt collector must also send the consumer a written notice containing the amount of the debt, the name of the creditor, and what the consumer can do if he or she believes he or she does not owe the money.

The Gramm-Leach-Biley Act requires your credit card companies to provide you with a privacy notice. The privacy notice must describe three things:

Privacy Policy: Your financial institution must tell you the kinds of information it collects about you and how it uses that information.
Right to Opt Out: Your financial institution must explain your ability to prevent the sharing of your customer data with third parties.
Safeguards: Your financial institution must disclose how its safeguards for preventing unauthorized access to your confidential financial information.

Regulation E governs debit cards.

Official interpretations of Regulation E from the Consumer Financial Protection Bureau (CFPB)

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.

AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)

Requirements for gift cards and gift certificates.

TELEMARKETING SALES RULE 16 - applies to credit debit card transactions done over the phone.

FTC

The Credit Practices Rule applies to consumer credit contracts offered by finance companies and retailers for any personal purpose except to buy real estate. It prohibits creditors from including certain provisions (such as wage assignments and waivers of exemption) in consumer credit contracts, and requires a written notice to consumers before they co-sign obligations for others.

RULES FOR BANKS

Office of the Comptroller of the Currency

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.

ACLU 8/13/19

CFPB issued on 10/20/22