The Federal Reserve, HUD and the Federal Trade Commission, among others, implement regulations that address many abusive lending practices.
- Equal Credit Opportunity Act—Prohibits lenders from discriminating against credit applicants, establishes guidelines for gathering and evaluating credit information, and requires written notice when credit is denied. Read more
- Fair Credit Reporting Act—Ensures accuracy and fairness of credit reporting. Read more
- Home Ownership and Equity Protection Act—Imposes additional disclosure requirements and substantive limitations (for example, restrictions on short-term balloon notes) on home equity loans with rates or fees above a certain percentage or amount. Read more
- Home Mortgage Disclosure Act—Requires certain mortgage lenders to disclose data regarding their lending patterns. Read more
- Real Estate Settlement Procedures Act—Requires that consumers receive disclosures at various times in the transaction and outlaws kickbacks that raise the cost of settlement services. Read more
- Truth-in-Lending Act—Prescribes uniform methods for computing credit costs, disclosing credit terms and resolving errors on certain types of credit accounts. Read more