Question

To protect consumers from unfair credit practices, credit laws were established

-true
-false

Answer 1

In 1968, Congress passed the Consumer Credit Protection Act in part to regulate the consumer credit industry. It requires creditors to disclose credit terms to consumers. True

Answer 2

true

Step-by-step explanation:

"It started with the Consumer Credit Protection Act of 1968, when Congress moved to shield consumers and their financial records from abuse. In the years following, other laws refined consumer rights, spelling out how the government can access bank customers’ information, how banks treat borrowers and the way banks handle customer deposits.

It all came to a head after the Great Recession in 2008, and out of that, the Consumer Financial Protection Bureau was formed, a new government agency dedicated to protecting consumers.

Today, there are countless laws, acts and regulations designed to protect consumers. The sheer number of laws can be overwhelming, but it is important that consumers understand their basic rights, so they can identify when those rights have been violated."

Source: debt.org