Asked by Micah Awisus on May 19, 2024

verifed

Verified

The Consumer Financial Protection Bureau (CFPB) was created by the:

A) Dodd-Frank Wall Street Reform and Consumer Protection Act.
B) Equal Credit Opportunity Act.
C) Fair Debt Collection Practices Act.
D) Fair and Accurate Credit Transactions Act.

Dodd-Frank Wall Street Reform

A comprehensive package of financial regulations passed in 2010 aimed at preventing the recurrence of the financial crisis, enhancing consumer protection, and ensuring financial stability.

Consumer Protection Act

Legislation designed to protect the rights and interests of consumers by ensuring fair trade, accurate information, and the right to complain and get a redress.

Consumer Financial Protection Bureau

A U.S. government agency tasked with ensuring that consumers are treated fairly by banks, lenders, and other financial institutions.

  • Recognize the role and creation of the Consumer Financial Protection Bureau (CFPB) and its regulations.
verifed

Verified Answer

NH
natasha hendlerMay 23, 2024
Final Answer :
A
Explanation :
The Dodd-Frank Wall Street Reform and Consumer Protection Act created a new agency,the Consumer Financial Protection Bureau (CPFB)and granted it authority to take regulatory action to mandate clear,accurate disclosures of information that consumers need in shopping for mortgages,credit cards,and other financial products.