There are several rules and regulation that are mentioned earlier. Now some other most important rules of banks will be mentioned to help the consumer in their process of operation.
Bank Secrecy Act: The Bank Secrecy Act mainly cited that financial organization should guide the government body or agencies to detect and restrict money laundering. Specifically, the act is executed just to order the financial institutions to keep records of cash purchases of negotiable instruments.
Fair Credit Reporting Act: The Fair Credit Reporting Act controls and manages the information and collection, sharing, and utilization of customer credit information. The act asked the customers to acquire a copy of their credit report records from Credit bureaus. Credit bureau keeps the information about all the above mentioned details. This act also restrains from providing negative information and after a restricted time period the negative information being suppressed. This act also makes the customers’ aware that when negative information is provided on their credit report and are also capable to take drastic step against this.
Lending Limits: This act controls the capability of a bank that the loan amount they can offer to a single borrower. According to this act a bank can offer about the 15% of it total surplus capital to the individual borrower.
Apart from this discussed act there are also certain acts that demand s special analysis and focus like act that deal with financial privacy act.
USA Patriot Act is another important act. Under section 326 of USA Patriot Act banks or financial organizations have the capability to execute limits on the accounts of new account holders. This restriction is applicable till the identity of the particular consumer or the depositor is not verified.