Consumer Protection. Accounting, Finance, SPSS Essay (Essay Sample)

Consumer Protection
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Consumer Protection
The legal protections afforded to consumers by FTC and CFPB bodies
The Federal Trade Commission (FTC) is a commission that protects consumers from fraudulent, unfair, and deceptive business practices by conducting investigations, collecting complaints from consumers, as well as suing people and companies that break the law. Also, the FTC protects consumers by educating businesses and consumers about their responsibilities and rights as well as developing rules and policies to help promote and uphold a fair marketplace (Federal Trade Commission, n.d.). The FTC also protects consumers by taking complaints from consumers about companies that do cheat their clients out of money or those which do not produce goods on their premises. The commission then shares the claims with law enforcement firms, which are, in return, used to investigate fraudulent operations and subsequent elimination of unlawful business activities from the market.
On the other hand, the Consumer Financial Protection Bureau (CFPB) protects consumers through empowerment. This is achieved through the provision of tips, answering common questions, and creation of tools that enable consumers to circumnavigate their financial alternatives and consider business deals that best suit their desires (Federal Trade Commission, n.d.). Secondly, the CFPB protects consumers through the enforcement of the law. This is accomplished by taking legal action against predatory practices and companies that breach the law to benefit from innocent consumers. Like the FTC, the CFPB also encourages the capabilities and financial education of consumers and businesses to help them understand their rights and responsibilities, respectively.
The rules/laws/regulations that FTC and CFPB apply/enforce to provide those protections