The Division of Financial Practices is responsible for developing policy and enforcing laws related to financial and lending practices affecting consumers. It also is responsible for most of the agency’s consumer privacy program. Its duties include enforcement of the Fair Credit Reporting Act (FCRA) which ensures the accuracy and privacy of information kept by credit bureaus and other consumer reporting agencies and gives consumers the right to know what information these entities are distributing about them to creditors, insurance companies, and employers. This division also enforces the Gramm-Leach-Bliley Act (GLBA). The GLBA requires financial institutions to provide notice to consumers about their information practices and to give consumers an opportunity to direct that their personal information not be shared with non-affiliated third parties.
The Division of Financial Practices monitors the Truth in Lending Act, which requires creditors to disclose in writing certain cost information, such as the annual percentage rate (APR), before consumers enter into credit transactions, the Consumer Leasing Act, which requires lessors to give consumers information on lease costs and terms, and the Fair Debt Collection Practices Act, which prohibits debt collectors from engaging in unfair, deceptive, or abusive practices, including over-charging, harassment, and disclosing consumers’ debt to third parties.