Which legislative action created the Consumer Financial Protection Bureau CFPB )? Quizlet?
By what federal law was the Consumer Financial Protection Bureau established? The Consumer Financial Protection Bureau (CFPB) was established by Title X of the Dodd-Frank Act as a stand-alone organization with rule-making and enforcement authority over numerous consumer financial laws.
Which of the following contributed to the crisis of 2008?
The 2008 financial crash was primarily caused by deregulation in the financial sector. It made cheap, arbitrary mortgages, accessible to even those with questionable creditworthiness, cheap derivatives speculation possible.
Which of the following acts created the Bureau of Consumer Financial Services quizlet?
The 1944 McCarran-Ferguson Act.
Which of these laws created the Consumer Financial Protection Bureau?
President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010 after it was passed by Congress. The Consumer Financial Protection Bureau was established by the law, which is frequently referred to as the Dodd-Frank Act (the CFPB).
What effect did the 2008 financial crisis have on federal regulation of the economy quizlet?
What impact did the 2008 financial crisis have on the economy’s federal regulation? It established two new regulatory organizations for financial protection. Which organization is in charge of developing the president’s budget?
What triggered the financial crisis of 2008 in the United States quizlet?
What precipitated the American financial crisis of 2008? Prices for housing in America declined. What aspect of globalization do most Americans believe to be a drawback? Jobs shift to less expensive labor markets.
Which of the following does the Dodd-Frank Act apply to?
The Dodd-Frank Act imposed regulations on the financial sector and instituted initiatives to prevent lenders and mortgage companies from taking advantage of consumers. Dodd-Frank expanded the tools available to the government for policing banks and other financial institutions and enforcing laws.
Which of the following is a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act quizlet?
The Office of Credit Ratings at the SEC was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and has its own staff, the power to fine credit-rating agencies, and the ability to deregister an agency if it issues poor ratings.
Which of the following is one of the responsibilities of the Consumer Financial Protection Bureau?
The bureau carries out the following tasks: Apply the anti-discrimination laws of the federal government to consumer finance. Create regulations, oversee enforcement of laws, and protect consumers financially. Inform customers of any potential risks in the financial markets.
Who oversees the Consumer Financial Protection Bureau?
Consumer Financial Protection Bureau
| Agency overview | |
|---|---|
| Annual budget | US$596 million (FY 2021) |
| Agency executive | Rohit Chopra, Director |
| Key document | Dodd–Frank Wall Street Reform and Consumer Protection Act |
| Website | www.consumerfinance.gov |
What happened in the financial markets in 2008 quizlet?
Up to $700 billion could be spent under the Emergency Economic Stabilization Act of 2008 to buy toxic assets and add capital to banks and other financial institutions. The goal was to support the economy through the financial turbulence and prevent a deeper recession.
What was the main cause of the recession that began in 2007 quizlet?
What was the recession’s primary cause, which started in 2007? Residential subprime mortgage defaults.
When did it become common for the national government to actively manage the overall economy quizlet?
Since the 1930s Great Depression, citizens have held the government accountable for preserving a robust economy.
What is the federal government’s use of taxing and spending to keep the economy stable?
The use of taxes and spending by the federal government to maintain economic stability is known as fiscal policy.
Which of the following factors contributed to the Great Recession of 2008 quizlet?
Which of the following factors played a role in the 2008 Great Recession? the burst of a “housing bubble” and the failure of Lehmen Brothers, a Wall Street investment company.
Which issue helped determine the outcome of the 2008 presidential race quizlet?
Which topic played a role in the 2008 presidential election’s outcome? health services. It loosened limitations on exports, travel, and communication. How did US policy toward Cuba change under the Obama administration?
We are the Consumer Financial Protection Bureau, a branch of the American government tasked with ensuring that banks, lenders, and other financial institutions treat you fairly.
Does the CFPB really help consumers?
The Bureau receives information from complaints in almost real-time about the kinds of problems customers are having with financial products and services. We use them to guide our consumer education initiatives, establish unambiguous business regulations, and take legal action against unethical business practices.
Which of the following describes the purpose of the Dodd-Frank Act?
What does the Dodd-Frank Act aim to achieve? 5. To shield clients from predatory financial practices.
Which of the following was a result of the Dodd-Frank Act?
By abolishing the Office of Thrift Supervision, giving new responsibilities to already-existing organizations like the Federal Deposit Insurance Corporation, and establishing new organizations like the Consumer Financial Protection Bureau, Dodd-Frank reorganized the financial regulatory system (CFPB).
Which of the following did the Dodd-Frank Act accomplish quizlet?
The Consumer Financial Protection Bureau was established by the Dodd-Frank Act and is housed and funded by the Federal Reserve.
Which of the following are the aims of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 quizlet?
The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 seeks to increase the financial system’s transparency and accountability.
What is the purpose of the Consumer Financial Protection Bureau?
Our goal is to make consumer financial markets beneficial to responsible consumers, providers, and the economy at large. We defend customers from unfair, dishonest, or abusive business practices and pursue legal action against offenders.
Is the CFPB an independent agency?
An independent federal organization called the Consumer Financial Protection Bureau (CFPB) is in charge of overseeing consumer protection in relation to financial services and products in the US.
What events led to the Consumer Financial Protection Bureau?
Congress established the Consumer Financial Protection Bureau (CFPB) to ensure that reckless mortgage industry practices, which trapped millions of homeowners in mortgages they could not afford, did not contribute to the housing finance bubble or the Great Recession.
What triggered the financial crisis of 2008 in the United States quizlet?
What precipitated the American financial crisis of 2008? Prices for housing in America declined. What aspect of globalization do most Americans believe to be a drawback? Jobs shift to less expensive labor markets.
What triggered the 2008 financial crisis?
Falling US home prices and an increase in the number of borrowers unable to repay their loans served as the GFC’s catalysts. When the supply of newly constructed homes in some areas began to rise quickly in the middle of 2006, house prices in the United States reached their peak.
When the economy crashed in 2008 what did the federal reserve do to stimulate the economy quizlet?
The Federal Reserve’s actions in 2008: They bought billions of dollars’ worth of stocks, mortgage securities, and bonds directly from the U.S. Treasury when the financial crisis hit.
How was the financial crisis of 2008 solved?
1 By October 2008, Congress had approved the Troubled Asset Relief Program, a $700 billion bank bailout. 2 Obama proposed the $787 billion economic stimulus package in February 2009, helping to prevent a global depression.
What effect did the 2008 financial crisis have on federal regulation of the economy quizlet?
What impact did the 2008 financial crisis have on the economy’s federal regulation? It established two new regulatory organizations for financial protection. Which organization is in charge of developing the president’s budget?
Who is responsible for monetary policy?
According to its mandate from Congress, the Federal Reserve determines U.S. monetary policy in order to support maximum employment, stable prices, and moderate long-term interest rates in the U.S. economy.
Which statement best explains financial crisis in the global economy quizlet?
Which of the following best describes how financial crises affect the world economy? A financial crisis can quickly spread from one nation to another.
What was the main cause of the recession that began in 2007 quizlet?
What was the recession’s primary cause, which started in 2007? Residential subprime mortgage defaults.
What were the financial effects of the September 11 attacks quizlet?
What were the 9/11 attacks’ financial repercussions? Stock prices dropped as a result of the stock market panic sparked by the attacks.
What law and government agency can help protect you as a consumer?
The FTC’s Bureau of Consumer Protection combats unlawful, dishonest, and fraudulent business practices by gathering consumer complaints, conducting investigations, bringing legal action against offenders, creating rules to uphold a fair marketplace, and informing both consumers and businesses of their rights.
Which of the following is one of the responsibilities of the Consumer Financial Protection Bureau?
The bureau carries out the following tasks: Apply the anti-discrimination laws of the federal government to consumer finance. Create regulations, oversee enforcement of laws, and protect consumers financially. Inform customers of any potential risks in the financial markets.
What has the CFPB done for consumers?
Our enforcement and oversight actions have saved consumers about $14.4 billion and resulted in $1.7 billion in civil penalties. To more than 183 million consumers and consumer accounts, we provided economic relief.
Why was the Dodd-Frank Wall Street Reform and Consumer Protection Act passed?
In response to the worst financial crisis since the Great Depression, which was brought on by years of lax regulation enforcement and complete lack of accountability on the part of the country’s financial institutions, the Wall Street Reform and Consumer Protection Act was passed.