What is the Customer Protection Rule?

Consumer protection laws and regulations are in the relationship between banks and customers. Due to the inequality between the two parties in terms of financial resources, ability to obtain information, and professional knowledge, customers often suffer interests. As a result, countries have established corresponding consumer protection regulations, and the US regulations are particularly sound in this regard. The Fair Borrowing Act of 1968 requires banks engaged in consumer credit to provide borrowers with meaningful information in accordance with the information disclosure guidelines established by the Federal Reserve. This is to solve the unequal treatment often used by some small borrowers when using bank loans to purchase automobiles and durable goods, such as higher interest rates and additional charges. ^[1]