Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Courses
  • Find a Job
  • Tutoring
  • Home
  • Law, Transactions, & Risk Management
  • Consumer Protection

Consumer Advisory Council - Explained

What is the Consumer Advisory Council?

Written by Jason Gordon

Updated at April 6th, 2023

Contact Us

If you still have questions or prefer to get help directly from an agent, please submit a request.
We’ll get back to you as soon as possible.

Please fill out the contact form below and we will reply as soon as possible.

  • Marketing, Advertising, Sales & PR
    Principles of Marketing Sales Advertising Public Relations SEO, Social Media, Direct Marketing
  • Accounting, Taxation, and Reporting
    Managerial & Financial Accounting & Reporting Business Taxation
  • Professionalism & Career Development
  • Law, Transactions, & Risk Management
    Government, Legal System, Administrative Law, & Constitutional Law Legal Disputes - Civil & Criminal Law Agency Law HR, Employment, Labor, & Discrimination Business Entities, Corporate Governance & Ownership Business Transactions, Antitrust, & Securities Law Real Estate, Personal, & Intellectual Property Commercial Law: Contract, Payments, Security Interests, & Bankruptcy Consumer Protection Insurance & Risk Management Immigration Law Environmental Protection Law Inheritance, Estates, and Trusts
  • Business Management & Operations
    Operations, Project, & Supply Chain Management Strategy, Entrepreneurship, & Innovation Business Ethics & Social Responsibility Global Business, International Law & Relations Business Communications & Negotiation Management, Leadership, & Organizational Behavior
  • Economics, Finance, & Analytics
    Economic Analysis & Monetary Policy Research, Quantitative Analysis, & Decision Science Investments, Trading, and Financial Markets Banking, Lending, and Credit Industry Business Finance, Personal Finance, and Valuation Principles
  • Courses
+ More
Back to: LAW, RISK, & TRANSACTIONS

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.

Related Topics

  • Consumer Protection Law (Intro)
  • What is consumer protection law?
  • Cooling Off Rule
  • What major federal laws protect consumers?
  • What is the Federal Trade Commission
  • Enforcement procedures of the FTC?
  • Penalties for violating FTC regulations?
  • Commercial Practices Prohibited by FTC?
  • Unfair Trade Practices 
  • Predatory Pricing
  • Bait & Switch
  • Lemon Laws
  • Consumer Financial Protection Bureau
  • What is the Fair Credit Reporting Act?
  • Users of Information?
  • Credit Reporting Agency Consumers
  • Reporting Agencies?
  • Consumer Reporting Agency
  • Furnishers of Information?
  • Enforcement?
  • Truth in Lending Act
  • Fair Debt Collection Practices Act
  • Fair Credit Billing Act
  • Electronic Funds Transfer Act
  • Electronic Funds Transfers (EFT)
  • Equal Credit Opportunity Act
  • Regulation B
  • Consumer Credit Protection Act
  • Consumer Advisory Council
  • Consumer Financial Protection Act
  • Consumer Product Safety Act
  • Consumer Product Labeling Laws
  • Credit Repair Organization Act
  • Federal Food, Drug, and Cosmetic Act
  • Magnuson-Moss Warranty Act
  • Privacy Act of 1974 (Privacy Act)
  • Personally Identifiable Information
  • Right to Financial Privacy Act of 1978 (RFPA)
  • Electronic Communication Privacy Act of 1986 (ECPA)
  • Childrens Online Privacy Protection Act of 1986 (COPPA)
  • Privacy Policy
  • CAN SPAM Act
  • What role do states play in Consumer Protection?
consumer advisory council cac

Was this article helpful?

Yes
No

Related Articles

  • Equal Credit Opportunity Act - Explained
  • Fair Credit Reporting Act - Users of Information
  • Consumer Protection Law - Explained
  • Product Labeling Laws - Explained



©2011-2023. The Business Professor, LLC.
  • Privacy

  • Questions

Definition by Author

0
0
Expand