CFPB Flashcards
what does CFPB stand for
Consumer Financial Protection Bureau
Who created the CFBP
The Dodd-Frank Act and the Consumer Finance Protection Act
What is the purpose of the Dodd frank
- To promote financial stability
- To end “too big to fail”
- To Protect taxpayers by ending bailouts
- To protect consumers from abusive practices
Title X is also known as
Consumer Financial Protection Act
The Consumer Financial Protection Act is also known as
Title X
Title X assumed before the CFPB came in place
Assumed rule making and enforcement of prior regulations pertaining to the mortgage industry
Title XIV is also known as
Mortgage Reform and Anti- Predatory Lending Act
Mortgage Reform and Anti- Predatory Lending Act is also known as
Title XIV
Title XIV is concerned with
regulations such as
RESPA, TILA, ETC.
Title XIV addresses
concerns of borrowers and guidelines of mortgage industry to ensure compliance
The CFPB has control and regulates what entities
- Office of the Comptroller of the Currency (OCC)
- Office of Thrift Supervision (OTS)
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve
National Credit Union Administration (NCUA) - The Department of Housing and Urban Development (HUD)
- Federal Trade Commission (FTC)
what does OCC stand for
Office of the Comptroller of the Currency
what does OTS stand for
Office of Thrift Supervision
what does FDIC stand for
Federal Deposit Insurance Corporation
what does NCUA stand for
National Credit Union Administration
what does HUD stand for
The Department of Housing and Urban Development
what does FTC stand for
Federal Trade Commission
What does the OCC do
charters, regulates and supervises all national banks
what does the OTS do
supervises, charters and regulates federal thrift institutions
what does FDIC do
insures deposits and examine and supervises financial institutions
what does the federal reserve do
established a federal charter for banks to make real estate loans and set up a way to influence rates
what does NCUA do
Charters and supervises federal credit union
what does HUD do
address housing needs, that improve and develop the Nation’s communities, and enforce fair housing laws.
what does the FTC do
makes sure companies compete fairly and don’t mislead or trick people about their products and services.
The CFPB has regulatory authority to
investigate and conduct hearings on violations of most consumer protection laws
The CFPB’s regulatory Authority allows it to
- Issue a cease and desist order
- Pursue civil action
- Refer criminal cases to DOJ
- Must refer potential tax law violations to IRS
