The Consumer Credit Protection Act was created in 1968 to help guarantee American consumers fair and honest credit practices. This federal legislation standardized practices to ensure that lenders throughout the country followed the same sets of regulations.
As banking and credit reporting evolved, additional laws were developed and put into place under the Consumer Credit Protection Act. Although each has a special niche among the financial guidelines, they share a common trait. They were put in place to protect consumers.
Now the CCPA is an overarching law that contains several acts with more precise scopes. Among these specific laws are the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act and the Electronic Fund Transfer Act.
