What is one of the federal laws that financial institutions must comply with when offering products?

The Fair and Accurate Credit Transactions Act (FACT Act) is a critical piece of legislation that financial institutions must comply with when offering products, as it primarily focuses on consumer protection in the context of credit reporting. One of the key provisions of the FACT Act is to promote the accuracy and privacy of consumer information by allowing individuals to access their credit reports and take steps to correct any inaccuracies. This is crucial for maintaining transparency and trust in the financial system, thereby ensuring consumers can make informed decisions regarding credit.

In addition, the FACT Act includes measures to prevent identity theft and mandates financial institutions to implement safeguards for consumer data, which is especially important given the increasing incidences of data breaches. Overall, the FACT Act directly influences how financial products are marketed and offered to consumers, necessitating compliance from financial institutions to ensure they are acting within legal guidelines while protecting consumer rights.

Other laws listed, while important in their own contexts, do not specifically pertain to the offering of financial products in the manner that the FACT Act does.