Final Assignment for Business Law

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Keiser University *

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1240

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Economics

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Feb 20, 2024

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2

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The Federal Trade Commission (FTC) is an independent agency of the US government that is responsible for protecting consumers from unfair and deceptive business practices. The agency enforces a variety of laws and regulations, including the Federal Trade Commission Act, the Fair Credit Reporting Act, and the Truth in Lending Act. These laws provide consumers with legal protections against fraud, identity theft, and other forms of consumer abuse. The Consumer Financial Protection Bureau (CFPB) is another independent agency of the US government that is responsible for protecting consumers in the financial marketplace. The agency enforces a variety of laws and regulations, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Fair Credit Reporting Act, telecommunication and the Truth in Lending Act. These laws provide consumers with legal protections against unfair and deceptive financial practices, such as predatory lending and abusive debt collection. Both the FTC and the CFPB investigate and enforce violations of consumer rights. The agencies have the power to issue subpoenas, conduct investigations, and bring legal action against companies that violate consumer protection laws. Penalties for violating these laws can include fines, injunctions, and other legal remedies. CFPB https://www.federalregister.gov/documents/2023/11/09/2023-24234/trade-regulation- rule-on-unfair-or-deceptive-fees FTC 15 https://www.govinfo.gov/link/uscode/15/45 https://www.law.cornell.edu/uscode/text/7/227 FTC & Telecommunications: https://docs.fcc.gov/public/attachments/DOC- 393514A1.pdf New Plain Writing: https://www.fcc.gov/plain-writing-fcc
The impact of the FTC and the CFPB on US commerce is significant. These agencies help to ensure that businesses operate fairly and honestly, which promotes competition and protects consumers. By enforcing consumer protection laws, the agencies help to prevent fraud and other forms of consumer abuse, which can have a positive impact on the economy as a whole. In addition to their enforcement activities, the FTC and the CFPB also provide consumer education and outreach programs. These programs help to educate consumers about their rights and provide them with the information they need to make informed decisions about their finances and purchases. Overall, the FTC and the CFPB play an important role in protecting consumers and promoting fair competition in the marketplace. Their activities help to ensure that businesses operate honestly and fairly, which benefits both consumers and the economy as a whole.
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