What are the federal laws governing credit cards?

The federal laws governing credit cards are found in the Federal Trade Commission Act. This act gives the Federal Trade Commission (FTC) the authority to regulate credit card companies, including how they resolve disputes with consumers. This law also grants the FTC the authority to bring legal action against any credit card companies that violate the law. The Fair Credit Billing Act (FCBA) is another federal law that covers credit cards. This law requires credit card companies to provide consumers with an easy way to dispute any billing errors. It also requires credit card companies to provide an explanation of their billing dispute process and to investigate any disputes within a reasonable amount of time. If the credit card company finds that the billing error was not caused by the consumer, they must correct it within two billing cycles and cannot charge the consumer any late fees or interest on the amount in dispute. The Credit Card Reform Act of 2009 also has rules that apply to credit cards. This law requires credit card companies to give consumers 45 days notice prior to raising their interest rates and also requires them to provide clear disclosure of all fees associated with their cards. It also prohibits credit card companies from charging fees for activities such as balance transfers or cash advances that were not previously disclosed to the consumer. Overall, these federal laws work to protect consumers from unfair or deceptive practices by credit card companies. They ensure that credit card companies provide reasonable disclosure of fees and terms, as well as a fair dispute resolution process in case of billing errors.

What are the federal laws governing credit cards?

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