Your Money, Your Goals - A financial empowerment toolkit for social services programs.

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Tool 4:

Learning more about

consumer protection

Protecting your rights as a consumer starts with knowing that you have rights. The following
consumer protection laws establish consumer rights related to financial services and products.
This is not a comprehensive list, but it provides a starting place for understanding some of the
many rights and responsibilities about which financial educators and coaches should be
familiar.

Read the summary of each law below. Put a check in the “Follow Up for More Information”
column if knowing a little more about this law will help you or people you know. The follow the
link listed within the “Short Description” or visit our website at
http://www.consumerfinance.gov for more information.

Consumer

Protection

Law

Short Description Follow

Up

Regulation B:  The Equal Credit Opportunity Act (ECOA), implemented by Regulation B,

Equal Credit makes it illegal for a creditor to discriminate in any aspect of a credit

Opportunity transaction on the basis of race, color, religion, national origin, sex, marital status, age (provided that the applicant is old enough to enter into a

Act contract), receipt of public assistance income, or good faith exercise of

certain consumer rights.

 ECOA and Regulation B prohibit certain creditor practices, such as the

refusal to provide credit if an applicant qualifies for it; the discouragement of

an applicant from applying for credit; an offer of less favorable terms to an

applicant than terms offered to someone similarly situated; on the basis of

any of the above listed characteristics.

 ECOA and/or Regulation B require(s) creditors, among other things, to:

 Notify applicants of actions taken on their applications.

 If it furnishes information to credit bureaus, do so in the names of both

spouses on an account.

 Retain records of credit applications.