What is the Consumer Advisory Council?

CAC was primarily created to provide a piece of responsive and driven advice needed to plan, implement, evaluate the activities carried out through the Assistive Technology (AT) Act. CAC serves as a consumers’ spokesperson that helps to achieve measurable goals from the perspective of consumers.

How Does the Consumer Advisory Council Work?

The Consumer Advisory Committee is a legislative body of 30 members, each member is appointed for a period of 3 years. These members meet 3 times in a year at Washington DC. The CAC was founded in 1976 by the US Congress to support and advise the Federal Reserve Board. The CAC is working with the Federal Reserve Consumer Financial Services Committee. The creation of CAC led to the establishment of the Consumer Credit Protection Act in 1968. This legislation entails that consumers creditors must have obvious requirements, report interest rates, special credit terms and the total cost of potential borrowers. This legislation demands transparency of operations from the consumers creditors. It also entails that there should be diverse protection of debtor of fiscal problems and also a detailed credit. Lastly,

How the United States governments protect consumers?

It is strongly believed that only Consumer Protection Act enacted in 1968 protects consumers but, several were also enacted too. For-example, Fair credit reporting law or FCRA is one of the consumer protection laws. Likewise, other consumer protection laws are equal opportunity law, equality law, fair credit information law, truth law, and others were also established. FCRA was enacted in 1970, ensures fairness, accuracy, and confidentiality of personal information contained in credit agency files. Another is TILA, it is created solely to protect consumers transactions with creditors and also, among creditors too. It ensures that documents of the loan and interest rates are provided before the loan so as to ensure foreknowledge before loan acquisition.