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FEDERAL RESERVE BANK OF NEW YORK Circular No. 8809 April 24. 1980 NEW ILLUSTRATED BOOKLET “The Story of Consumer Credit” To All Financial Institutions, and Others Concerned, in the Second Federal Reserve District: I am pleased to send you a copy of our new booklet, entitled “The Story of Consumer Credit,” produced by this Bank in conjunction with its Consumer Credit Information (CCI) program. The 24-page publication, in comic book format, explains credit rights and responsibilities and provides general audiences with an introduction to credit regulations. The proper use of credit by consumers is particularly important these days in view of the new Federal Reserve Credit Restraint Program designed to help moderate and reduce inflationary forces in the United States economy. “The Story of Consumer Credit” is the fourth in a series of illustrated primers dealing with money and banking, and the tenth publication in the CCI series. Copies of the booklet are available, free of charge, from our Public Information Department (Tel. No. 212-791-6134). Requests for more than 500 copies should be made in writing to that department. CCI materials are intended as a resource to help both creditors and borrowers. They are designed for use in classrooms and in bank training programs, as well as for the use of bank customers and community groups. Comments are always welcome and may be directed to Peter Bakstansky, Vice President. Anthony M. Solomon. P residen t . WtkM w . THE STORY OF ' L. — FEDERAL RESERVE BANK OF NEW YORK • M O ST O F US A R B LEN D ERS A N D BORROW ERS fN T H E W ORLD O F CREDIT. W E R U T OUR SAVINGS INTO FINANCIAL /NST/TUTIONS , WHICH, IN TURN, LEN D THEM O U T FO R M A N Y D fF F E R E N T P U R PO S ES . 7 V ^ A R T B Y A L W ENZEL S C R IP T B Y C .J". P A R N O W LETTER IN G B Y 1 . W ATANABE I960 ________ _ BUSINESS GOVERNMENT B k / VpgjB jdmRL L J .jn r ^ -< ^ ? " L Q?P®J CONSUMERS 3 A BUSINESSES AND GOVERNMENTS HAVE USED CREDIT FDR CENTURIES, B U T CONSUMER CREDIT HAS BEEN USED WIDELY ONLY IN THE PAST 4 0 YEARS. USING CREDIT HAS A DUAL IMPACT ON OUR LIVES. IT ALLOWS US TO ENJOY W HAT W E W A N T NOW, BUT, BECAUSE CREDIT IS DEBT T H A T M U S T B E REPAID , IT OBLIGATES US TO M A K E FINANCIAL. PLANS FOR THE FUTURE. 4- BEC AUSE CONSUMER ^ CR ED IT PLAYS AN INCREASINGLY IMPORTANT PART IN OUR LIVES, WE SHOULD LEARN ABOUT OUR RIGHTS AND RESPONSIBILITIES ^ A S BORROWERS. ^ BEMJI, I FORGOT M Y W ALLET. LEND ME A . DO LLAR ? > C A N 'T > LENO W HAT X D O N 'T HAVE.' y W ATCH T H A T > GUY, S H A R O N . H ER E, I'L L TRUST YOU TILL TOMORROW ... > I DON'T ^ LEND M ONEY T O GIRLS... TH E Y 'R E NOT DEPENDABLE. 5 SHARON'S $T LOAN ^ ISN 'T A TY P IC A L W CONSUM ER CRED IT 1 TRANSACTIO N. B U T fl IT DOES ILLUSTRATE II S O M E IMPORTANT R , P O IN TS A B O U T M \ BORROWING. / / w e can _____^ ^ W E A LS O S E E TH A T A LO AN A G R E E M E N T R EQ U fR ES W fLL/NGNESS TO R E P A Y TH E LO A N P L U S IN TE R E S T. J j se e t h a t f o r e v e r y bor row er T H E R E M U S T B E A W /LU N G LENDER. 6 L E V S T A K E A LOOK A T A TYPICAL CONSUM ER TRANSACTION. SINCE JA C K 'S O LD CAR WON’T LA S T M UCH LONGER. H E NOW FACES A N IM PO R TAN T DECISION- W HETHER TO U S E C RED IT FOR A NEW C AR . I M GOING TO BE LATE FOR WORK A G A IN I JA C K H AS SOM E SAVINGS, B U T NOT ENOUGH TO B U Y A C A R . BESIDES, H E KNOWS H E ------C A N ’T W A IT TO S A V E U P JA C K SHOPS AROUND FOR. THE CAR H E WANTS A N D CAN AFFO R D , r B IG SAM S USED CARSI* TH E N H E FIN D S O U T W HERE H E M IG H T BORROW TH E M O N E Y AN D W HAT THE TERM S AND THE COST J A C K TH EN A D D S U P H IS M O N TH LY LIVIN G EX PEN S ES AND FIG U R ES NOW M U C H H E W ILL HAVE L E F T OVER TO R E P A Y TH E LOAN. / T I TH IN K I CAN SWING IV M OST LEMPERS E X P E C T MONTHLY PAYMENTS. SO. BORROWERS SHOULP DEVELOP A PROFILE O F MONTHLY EX P EN S ES TO SEE WHAT IS L E F T TO M AK E LOAN PAYM ENTS. LOOK AT THE BUDGET BELOW A S AN EXAM PLE OF CALCULATING REPAYMENT CAPACITY. MONTHLY EXPENSES AND INCOME F O O D ............................................................................ R E N T ............................................................................ $320 . 250 TR A N S P O R TA TIO N . . ............................................... . . (INCLUDING AUTO INSURANCE ANO GAS) 77 U T IL IT IE S ..................................................................... . E N T E R T A IN M E N T...................................................... . . 50 50 CLOTHING (INCLUDING LAUNDRY).......................... . . 25 S A V IN G S ...................................................................... LOAN R EP A Y M EN TS.................................................. OTH ER ........................................................................... $977 AFTER TAX INCOME................................................... 1040 EXPENSES ................................................................... . 9 7 7 REPAYMENT C A P A C IT Y ............................................. . $ 63 THESE CALCULATIONS A R E A GUIDE ONLY. TH EY SHOULP BE USED CAUTIOUSLY BECAUSE YOU M AY NOT BE ABLE TO M E E T MONTHLY PAYMENTS WHEN INFLATION IS PUSHING UP TH E COST O F BASIC ITEM S, SUCH AS FOOD, FU E L AND HOUSING. A OA/B M ONTH LA T£ R ... M O N TH LY INCOME $ 6 0 0 ... E X P E N S E S $ 5 3 0 ... MONTHLY CRB PIT CARP PAYM ENTS , SL $ /0 5 S OH. PEAR/ ^ A GOOD F IR S T S T E P IS S ETTIN G U P SAVINGS A N D CHECKING ACCOUNTS TO SHOW LENDERS G EN ER ALLY, B O R R O W E R S M U S T NAVE A C R E D IT RECORD TH A T H E LP S LENDERS JU D G E THEM A S C R E D IT R IS K S . E S TA B LISHING THIS HISTORY TA K E S T/M E A N D YOU M IG H T ALSO B U Y SO M ETH IN G O N TIM E A T A M A JO R S TO R E ... O R A P P LY FO R A ...V— GASOLINE C R ED IT C AR D . / \ Y O U M IG H T P U T U P YO UR SAVIN GS A S S EC U R ITY A G A IN S T A S M A LL LOAN. "PASSB O O K " LOANS A R E USUALLY EASIER TO S E T A N D H AVE A LOW ER IN T E R E S T C H A R G E . I 'D L IK E T O ' M AKE MONTHLY . PAYM ENTS. > M O N EY IN TH E B AN K IS THE BEST V COLLATERAL! > Ea sy ] monthly payments io YES, M A’AM LEN D ER S CHECK APPLICANTS V E R Y C A R E FU LLY , LOOKING FO R T H R E E B A S IC Q U A LIFIC A TIO N S . FIR S T, T H E Y CONSIDER YOUR CHARACTER••M A IN LY HOW R ELIAB LE YOU A R E . / ...N O J O B ... NO AD D R ES S ... ASSETS ZER O ... ^ HMMM. v THEN, YOUR C A P A C IT Y - HOW M UCH YOU EARN, YOUR BASIC EXPENSES, N U M B ER O F DEPEND E N TS A N D AN YTH IN G AFFECTIN G YOUR IN C O M E A N D A B IL IT Y TO PAY, L IK E ALIM O N Y OR CH ILD SUPPO R T. DINNER'S READY! WE'RE HAVING FILLET OF SO LE. FINALLY, YOUR COLLATERAL- DO YOU O W N A N YTH IN G VALUABLE TH A T TH E LEN D ER CAN S ELL 70 P A Y O F F YOUR LOAN I F YOU FAIL TO REPAY. IN S P IT E O F A GOOD CRED IT RECORD.\ YOU S TILL M IG H T B E TURNED DOWN FO R S EV ER A L O TH ER REASO N S. FO R EX A M P LE, YOU M A Y H AVE J U S T CHANGED ...O R YOU M A Y H AVE JU S T MOVED. S O M E LEN D E R S R E Q U IR E TW O OR M O R E Y E A R S A T A JO B OR y ---------R E S ID E N C E . --------------— ■----------- ' YOU ALR EAD Y M A Y H AVE TOO M A N Y D EB TS O R M IG H T B E M A K IN G A N UNREASONABLE REQUEST. r THE LENDER YOU'RE ASKIN G M A Y HAVE STRICTER STANDARDS THAN OTHER CREDITORS OR MAY NOT HAVE FUNDS L E F T FOR C R ED ITO R S M A Y JU D G E YOU ON M AN Y FACTORS, BUT, LEGALLY, TH E Y C A N 'T TURN YOU DOWN ON ^ T H E BA SIS O F AN Y O F TH ESE. ^ ugvoh H ^^p p o M , ' 2 f & STAKC poB*^reRceiH? AOC EX A M P LE , CR ED ITW O R TH Y M A R R IE D WOMEN CAN HAVE CREDIT ACCOUNTS IN THEIR OWN NAM ES. THEIR HUSBANDS D O N 'T HAVE TO C O -SIG N TH EIR UNSECURED LOANS. A LEN D ER M A Y A S K YOUR A G E TO B E SURE YOU CAN LEGALLY M A K E A CONTRACT... AC P r t\° * ... B U T C A N N O T U S E YOUR A G E TO TURN YOU DOW N, M A K E YOU REAPPLY FOR A N EXISTING LOAN OR IGNORE YOUR RETIREM ENT INCOME. ...M U S T ALSO CONSIDER ALL O F TH E O THER STAN D AR D S O F CREDITW ORTHINESS, SUCH AS c o lla te r a l. FO R EX A M P LE, A LEN D ER M A Y CONSIDER HOW M UCH YOUR IN C O M E WILL D ECLIN E W H EN YOU R ETIR E, B U T ... 12. 7H E LENDER M U S T APPR O VE OR D EN Y YOUR APPLICATION IN WRITING WITHIN 3 0 PAYS. IP YOU'RE TURNED DOWN, TH E LETTER SHOULD EX PLAIN W H Y OR STATE TH AT YOU HAVE A RIGHT TO B E TOLD. B E S U R E TO FIND O U T W HY/ YOU M A Y B E TURNED DOWN BECAUSE O F A RE PORT B Y A CREDIT BUREAU OR REPORTING A G E N C Y - INFORMATION GATHERING SERVICES M A N Y LENDERS USE TO CHECK HOW YOU'VE HANDLED DEBTS IN THE P A S T .y -j------------------------ C R E D IT bureau FO R EXAMPLE, A MIX-UP IN NAM ES COULD PUT UNFAVORABLE INFORMATION ABOUT SOMEONE ELSE IN YOUR FILE, CAUSING A LENDER TO DENY ...TH E BUREAU MUST RECHECK THE INFORMATION AN D EITHER CORRECT O R REMOVE IT. ,------------r YOU SAY PAYMENTS WEREN'T LATE IN APRIL AND MAY?? LET ME , ^7 RESCAN ...YOU'RE r RIGHT...SORRY. . A T YOUR REQUEST, REVISED REPORTS MUST BE SEN T TO EVERYONE WHO REQUESTED YOUR FILE IN THE PREVIOUS SIX MONTHS. ATTENTION MAIL ROOM.. 1 GOOFED ON SALLY SPENDER... PICK UP NEW m REPORTS FOR MAILING. .. ............. .........1 yo u CAM ARRANGE 70 VISIT A EASILY, USUALLY B Y RHOMB. APPOINTM ENT F IL E ... NO, I M AY PAY A SERVICE CHARGE UNLESS HAVE B E E N D EN IED CREDIT BECAUSE 7QMETHIN& IN YOUR F IL E . /— -------YOU GAN PAY THANK YOU A T TH E FRONT s. DESK. ^ SO M EO NE A T TH E B U R E A U PROBABLY WILL H A V E TO EX P LA IN TH E COOES USED TO K EE P INFORM ATION IN COM PUTERS, r -p ------------------ - CREDIT BUREAU / VT p 'T" - ~ TO REVIEW M Y DON'T HAVE THIS SYM BOL INDICATES WHEN YOUR . PAYMENTS HAVE A BEEN LATE. J k T/VE R E P O R T WILL CON TAIN SOME FA IR LY R O UTIN E DATA AS WELL A S ... J0£ f , CC/t>£N?'N ...DATA ABOUT YOUR background and YOUR BORROWING AND REPAYMENTS, INCLUDING LA TE PAYM EN TS. THIS INFORM ATION GIVES LENDERS A GOOD PICTURE O F WHO YOU A R E AN D H O W WELL YOU PAY YOUR BILLS. ANY DATA you DISPUTE MUST BE INVEST/-^ 3ATEP AND CORRECTED, IF WRONG. IF THE DISPUTE ISN'T RESOLVED, YOU CAN PUT A STATEMENT IN YOUR FILE EXPLAINING YOUR j SIDE. YOU MAY ALSO WANT TO EXPLAIN A ,ATE PAYMENTS CAUSED BY PROBLEMS S \ SUCH AS ILLNESS OR LAY-OFFS. CREPfT CARP BILLING ERRORS CAN &B A H EAD ACHE, BUT THE LAW OUTL/NES HOW TO RESOLVE THEM. THE FINANCE CHARGE IS TH E LOAN'S TOTAL D O LLA R -AN D - CENTS PR/CB TAG, TH E FINANCE CHARGE O N A T-YEAR $tOO LOAN A T 976, FOR EXAMPLE, M IG H T COST $/Q ~ $ 9 INTEREST PLUS THE ANNUAL PERCENTAGE RATE IS THE K E Y TO COMPARING TH E COST OF BORROW ING MONEY FOR A Y E A R . FOR EXAMPLE, $ 8 INTEREST ON A $IOO LOAN REPAID AT END OF A YEAR EQUALS 8 PERCENT. THAT'S A SIMPLE COMPARISON... *T..BUT, IF YOU REPAY THE $IOO ANP THE FINANCE CHARGE (A TOTAL OF $108) IN (2 MONTHLY IN STALLMENTS OF $ 9 EACH, YOU HAVE THE USE OF LESS THAN $IOO EACH MONTH. SINCE YOU'RE STILL PAYING 8 PERCENT OF THE FULL $100 EACH MONTH (BUT DON'T HAVE USE OF THE FULL AM OUNT), YOU'RE ACTUALLY PAYING AN 8 % OF # 1 0 0 .° ° LENDERS VYHO SUPPLY OPEN‘END CREDIT, SUCH A S CREDIT CARDS, M UST DESCRIBE THE METHOD USED TO CALCULATE FINANCE CHARGES AND WHEN THOSE CHARGES B E G iN .y /CO/fl/V? COME IN ALL KINDS O F PACKAGES. SOME ARE PAID BACK FAST AND HAVE HIGHER MONTHLY PAYMENTS B U T LOWER TOTAL COST. IS IT XMAS YET? LONGER TERM LOANS HAVE SMALLER MONTHLY PAYMENTS, B UT COST M ORE OVERALL. YOUR CHOICE DEPENDS ON YOUR MONTHLY BUDGET AND HOW MUCH YOU'RE WILLING TO PAY. ITS WISE TO SHOP AROUND BECAUSE DIFFERENT LENDERS HAVE DIFFERENT RATES. 16 ^ SIN C E INTEREST RATES \ AND TERMS VARY, HOW PO \ YOU FIND THE BEST PEAL? TH AT PEPENPS ON WHAT YOU'RE LOOKING F O R -A LONGER, REPAYMENT PERIOD ANP LOWER MONTHLY PAYMENTS OR A LOWER FINANCE CHARGE. LET'S LOOK AT HOW . JA C K SHOPPED FOR HIS . $5,000 CAR LOAN. MONTHLY RATE TIM E (MONTHS) AN Y BANK BLANK BANK BLOOD BANK 127! 18^ 187 ? 3 YRS. (3 6 ) 2 YRS. (2 4 ) 4 YRS. (4 8 ) PAYMENTS $ 1 6 6 .0 7 $ 2 4 9 .6 2 $ 1 4 6 .8 7 TOTAL FINANCE CHARGES $ 9 7 6 .5 2 $ $ 2 0 4 9 . 76 “ANY BAN K " O FFE R E D THE LOWESTANNUAL PERCENTAGE RATE (A P R ), B U T ITS REPAYMENT SCHEDULE WAS A YEAR LONGER THAN “BLANK BANK'S." TH E TOTAL COST O F “BLANK BANK'S" LOAN WAS ONLY SLIGHTLY HIGHER THAN “ANY BANK'S," BU T "BLANK BANK'S" MONTHLY PAYMENTS WERE THE HIGHEST OF THE THREE. “BLOOD BANK" OFFERED THE LOWEST MONTHLY PAY MENTS, BUT ITS TOTAL FINANCE CHARGE WAS MORE THAN $1,000 GREATER THAN THE OTHERS. 9 9 0 .8 8 TO TA L COST $ 5 9 7 8 .5 2 $ 5 9 9 0 .8 8 $ 7 0 4 9 .7 6 ONCE YOU'VE TAKEN ON A DEBT, PROBLEMS SUCH AS LOSS O P A JO B OR ILLNESS CAN M AKE YOU MJSS PAYMENTS. / - IF YOU DON'T M AKE PAYMENTS ON TIME, YOU MAY B E CONTACTEP B Y A P E B T COLLECTOR-SOM E O N E WHO COLLECTS PEB TS FOR OTHERS O R A LENDER WHO COLLECTS P EB TS UNDER NAMES OTHER THAN HIS OWN. ...NOR CONTACT YOU IN THE MIDDLE OP THE NIGHT... ADR EXAM PLE, TH EY CAN CONTACT YOUR FRIENDS AND R ELATIVES-B UT ONLY TO FIND O U T WHERE YOU LIVE. COLLECTORS CANNOT REVEAL HOW MUCH YOU OW E... ...U S E THREATS, OBSCENE LANGUAGE OR ANNOYING PHONE CALLS, NOR PUBL/C/2E YOUR DEBT. W E 'R E GOING 1 T O 8 END yOUR COLLATERAL-, , you 7 PEAD BEAT/ r CERTAIN LENDERS OPERATE OUTSIDE O F LAWS AND (REGULATIONS, AN D THE7R COLLECTION PRACTICES CAN B E DANGEROUS TO YOUR HEALTH. DEAL ONLY WITH REPUTABLE CREDITORS. B ECAUSE O F T H E FEDERAL RESERVE SYSTEM'S EXPERIENCE WITH CREDIT, CONGRESS GAVE IT RESPONSIBILITY, FOR WRITING MOST OF THE CONSUMER CREPIT REGULATIONS. FOR EXAMPLE, TH E CIVIL AERONAUTICS BOARO PEALS WITH AIRLINE CREPIT V M A TTE R S . ^ HO W EVER, M A N Y D IF F E R E N T FED ER AL AGENCIES ADM INISTER THESE REGULATIONS A N D H AN D LE COMPLAINTS. I F YOU HAVE A CONSUMER CREDIT COM PLAINT OR B E LIE V E YOU HAVE B EE N TREATED UNFAIRLY, TR Y TO R ESO LVE THE PROBLEM W ITH --------------TH E LENDER. ' 7 HOW COM E yo u TURNED POWN M Y LOAN? I WORK FULL T IM E A S A IF YOU CANNOT RESOLVE TH E PROBLEM AN D A R E UN SURE O F W HICH AG EN CY SHOULD H AN D LE YOUR COM PLAINT, S EN D I T TO TH E BOARD O F GOVERNORS O F THE FED ER AL R E SER VE IN WASHINGTON, D.C., WHICH WILL SEND I T ON TO THE APPROPRIATE AGENCY. S IN C E 1968, CONGRESS HAS TAKEN M ANy STEP S TO PROTECT CONSUMERS SEEKIN G A N P USING CREPIT. THESE STEPS HAVE CREATED A KIND O F CONSUMER BILL O F RIGHTS. HOWEVER, TH E Y DON'T GUARANTEE THAT YOU WILL RECEIVE CREDIT. TH E ONLY WAY TO ASSURE YOUR ABILITY TO BORROW IS TO KEEP A GOOD CREDIT RATING. 20 TYPES O F CONSUMER CREDIT IN S TA L LM E N T SALES C R ED /T-A LOAN W H/CH ALLOWS TH E c o n s u m e r t o r e c e iv e m e r c h a n d is e , u s u a l l y h ig h PRICED ITEM S SUCH A S REFRIGERATORS OR FURNITURE. THE CONSUMER M AKES A DOWN PAYM ENT AND USUALLY SIGNS A CONTRACT TO REPAY THE BALANCE, PLUS INTEREST AND SERVICE CHARGES, IN EQUAL INSTALLM ENTS OVER A SPECIFIED PERIOD. INSTALLMENT CASH CREDIT-A D IR ECT LOAN O F M ONEY FO R PERSONAL PURPOSES, HOME IMPROVEMENTS OR VACATION EXPEN SES. NO DOWN PAYM ENT IS MADE, AN D PAYMENTS ARE M A D E IN S PEC IFIED AM OUNTS OVER A S E T PERIOD. SIN G LE LU M P SUM CRED /T-A LO AN TO B E R EPAID IN TO TAL ON A S P EC IFIED DAY. LUM P SUM CREDIT IS USUALLY U S E D TO PUR C H ASE A SIN G LE IT E M . OPEN-END OR REVOLVING C R E D IT -A FORM O F CRED IT USED B Y M ANY RETAILERS. CUSTOMERS CAN PURCHASE GOODS A T A N Y TIM E U P TO A FIX ED DOLLAR LIM IT. USUALLY, THERE IS A N OPTION O F PAYING IN FU LL W ITHIN 3 0 DAYS W ITHOUT INTEREST CHARGES O R ... REPAYM ENT IS M ADE (N STATED M ONTHLY INSTALLM ENTS BASED O N THE ACCO UNT BALANCE PLUS INTEREST. S E R V IC E C R E D /T -A LOAN WHICH ALLOWS THE CUSTOMER TO PAY FOR SERVICES AFTER THEY A R E USED. DOCTORS, DENTISTS A N D U T IL IT Y COM PANIES A R E AM ONG THOSE EXTENDING S E R V IC E CREDIT. S P E C IA L B A N K C R E D IT P L A N S - A PR E-AR R AN G ED L O A N FO R A S P EC IFIC AM O UN T W HICH TH E CONSUM ER CAN USE A LL OR P A R T O F B Y W RITING A CHECK. R EPA Y M E N T IS M A D E IN IN STALLM EN TS OVER A S E T PERIOD. FIN AN CE CHARGES A R E BASED ON THE AM OUNT USED DURING TH E M ONTH AN D THE OUTSTANDING BALANCE. C R ED IT CARD LO A N S -A LOAN THE CONSUMER R ECEIVES B Y USING A CRED IT CARD. PLANS VARY CONSIDERABLY SO M E CARDS A R E ISSUED FR E E ; OTHERS REQUIRE A N ANNUAL F E E . SO M E A R E USABLE IN A SIN GLE STO R E; OTHERS A R E U S A B LE INTERNATIO NALLY. SO M E A R E R EP A ID IN FU LL EA CH M O NTH; OTHERS IN M INIM UM M ONTHLY INSTALLM ENTS BASED ON THE AM OUNT OUTSTANDING. FEDERAL ENFORCEMENT AGENCIES Creditors Subject to Interstate Commerce Commission Office of Proceedings Interstate Commerce Commission Washington, D.C. 20523 National Banks Comptroller of the Currency Consumer Affairs Division Washington, D.C. 20219 State Member Banks Federal Reserve Bank serving the district in which the State member bank is located. Nonmember Insured Banks Federal Deposit Insurance Corporation Regional Director for the region in which the nonmember insured bank is located. Savings Institutions Insured by the FSLIC and Members of the FHLB System (except for Savings Banks insured by FDIC) The Federal Home Loan Bank Board Super visory Agent in the district in which the institution is located. , , K" Federal Credit Unions Regional Office of the National Credit Union Administration serving the area in which the Federal Credit Union is located. Creditors Subject to Civil Aeronautics Board Director, Bureau of Enforcement Civil Aeronautics Board 1825 Connecticut Avenue, N.W. Washington, D.C. 20428 Creditors Subject to Packers and Stockyards Act Nearest Packers and Stockyards Administration area supervisor. Small Business Investment Companies U.S. Small Business Administration 1441 L Street N.W. Washington, D.C. 20416 Brokers and Dealers Securities and Exchange Commission Washington, D.C. 20549 Federal Land Banks, Federal Land Bank Associations, Federal Intermediate Credit Banks and Production Credit Association Farm Credit Administration 490 L’Enfant Plaza, S.W. Washington, D.C. 20578 Mortgage Bankers, Consumer Finance Companies, and All Other Creditors FTC Regional Office in which the creditor operates or Federal Trade Commission Equal Credit Opportunity Washington, D.C. 20580 All complaints may be referred to Civil Rights Division of the Department of Justice, Washington, D.C. 20530. 22 OTHER FEDERAL RESERVE CONSUMER PAMPHLETS Consumer Credit Terminology Handbook Fair Debt Collection Practices Your Credit Rating Your Credit Rating (Spanish) The Equal Credit Opportunity Act and Credit Rights in Housing The Equal Credit Opportunity Act and Age The Equal Credit Opportunity Act and Women The Equal Credit Opportunity Act and Incidental Credit How to File a Consumer Credit Complaint Fair Credit Billing If Your Borrow to Buy Stock Truth in Leasing What Truth in Lending Means to You How the New Equal Credit Opportunity Act Affects You How to Establish and Use Credit If You Use a Credit Card The Rule of 78’s Consumer Handbook to Credit Protection Laws On Using Credit Credit-ability WRITE TO: FEDERAL RESERVE BANK OF NEW YORK Public Information Department 33 Liberty Street • New York, N.Y. 10045
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