Consumer Credit Protection Act
Encyclopedia
The Consumer Credit Protection Act, , composed of several titles relating to consumer credit, mainly title I, the Truth in Lending Act
, title II related to extortionate credit transactions, title III related to restrictions on wage garnishment, and title IV related to the National Commission on Consumer Finance.
The restrictions on wage garnishment guard employees from discharge by their employers because their wages have been garnished in any one week. The Wage and Hour Division
of the United States Department of Labor
, which includes the Employment Standards Administration
, enforces the provisions. The informed use of credit is administered by the United States Congress
and stabilizes economic acts to be enhanced with competition informed unto various financial institution
s that are engaged in extension of consumer credit that would be strengthened otherwise by informed credit use.
Truth in Lending Act
The Truth in Lending Act of 1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed...
, title II related to extortionate credit transactions, title III related to restrictions on wage garnishment, and title IV related to the National Commission on Consumer Finance.
The restrictions on wage garnishment guard employees from discharge by their employers because their wages have been garnished in any one week. The Wage and Hour Division
Wage and Hour Division
The Wage and Hour Division of the United States Department of Labor is the federal office responsible for enforcing federal labor laws. The Division was formed with the enactment of the Fair Labor Standards Act of 1938...
of the United States Department of Labor
United States Department of Labor
The United States Department of Labor is a Cabinet department of the United States government responsible for occupational safety, wage and hour standards, unemployment insurance benefits, re-employment services, and some economic statistics. Many U.S. states also have such departments. The...
, which includes the Employment Standards Administration
Employment Standards Administration
The Employment Standards Administration , was the largest agency within the U.S. Department of Labor. Its four subagencies enforced and administerered laws governing legally mandated wages and working conditions, including child labor, minimum wages, overtime pay, and family and medical leave;...
, enforces the provisions. The informed use of credit is administered by the United States Congress
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States, consisting of the Senate and the House of Representatives. The Congress meets in the United States Capitol in Washington, D.C....
and stabilizes economic acts to be enhanced with competition informed unto various financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
s that are engaged in extension of consumer credit that would be strengthened otherwise by informed credit use.