The Equal Credit Opportunity Act forbids lenders from discriminating on the basis of race, color, national origin, religion, marital status, sex, age, receipt of public assistance income, or an applicant’s good faith exercise of any rights under the Consumer Credit Protection Act. The ECOA requires creditors to provide applicants with the reasons why a credit was denied if the applicant asks.
The Electronic Fund Transfer Act establishes the rights, responsibilities and liabilities of participants in electronic fund transfer systems. The EFTA strictly requires participants to follow certain practices when they deal with transaction accounting and pre authorized transfers and error resolution, and sets liability limits for losses caused by unauthorized transfers.
The Consumer Leasing Act sets personal property leases that surpass 4 months and are made to consumers for personal, family, or household purposes. The statute requires that certain lease costs and terms be divulge, imposes limitations on the size of penalties for delinquency and on the size of residual liabilities, and in some instances, requires certain disclosures in lease advertising.
(Source:FTC.gov)
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