Duncan Douglass was quoted in a January 8 CreditCards.com article titled, “Limiting your financial loss” which discussed steps to take if your credit card goes missing and Federal laws that protect consumers. Douglass said that the Truth in Lending Act implemented by Federal Reserve Regulation Z, "includes a number of consumer protection provisions, including specific mechanisms by which a consumer is protected from liability for unauthorized use of a credit card, at least in excess of $50." He added that many of the major credit card networks generally require the issuer to absorb the $50 fee, so cardholders often don't have to pay it. Douglass also pointed out that, "The best practice for a consumer to follow is to notify the card issuer promptly after discovering that a credit card has been lost or stolen or that an unauthorized transaction has been conducted using the card."
Douglass commented on the Fair Credit Reporting Act as well and said, "For the most part, the Fair Credit Reporting Act affords consumers protections relating to their consumer credit files maintained by credit reporting agencies, including by providing that the consumer must be afforded access to his or her credit file, has the right to dispute inaccurate or incomplete information, is protected through limitations on who may access the credit file and by affording the consumer certain rights if or when the consumer believes he or she has been the victim of identity theft."