Definition
The Consumer Credit Protection Act of 1968 established consumer protections relating to wage garnishment while also standardizing disclosure requirements for credit terms.
Analysis
Part of the Consumer Credit Protection Act protects employees from discharge in response to requests for wage garnishment. This was an important protection for employees facing financial hardship.
Title I of the Consumer Credit Protection Act, known as the Truth in Lending Act, established standardized reporting of credit terms by lenders. Regulation Z adds additional conditions to lenders intended to enhance consumer understanding of contract disclosures.
