CFPB

Question 1

what does CFPB stand for

Answer 1

Consumer Financial Protection Bureau

Question 2

Who created the CFBP

Answer 2

The Dodd-Frank Act and the Consumer Finance Protection Act

Question 3

What is the purpose of the Dodd frank

Answer 3

• To promote financial stability
• To end “too big to fail”
• To Protect taxpayers by ending bailouts
• To protect consumers from abusive practices

Question 4

Title X is also known as

Answer 4

Consumer Financial Protection Act

Question 5

The Consumer Financial Protection Act is also known as

Answer 5

Title X

Question 6

Title X assumed before the CFPB came in place

Answer 6

Assumed rule making and enforcement of prior regulations pertaining to the mortgage industry

Question 7

Title XIV is also known as

Answer 7

Mortgage Reform and Anti- Predatory Lending Act

Question 8

Mortgage Reform and Anti- Predatory Lending Act is also known as

Answer 8

Title XIV

Question 9

Title XIV is concerned with

Answer 9

regulations such as
RESPA, TILA, ETC.

Question 10

Title XIV addresses

Answer 10

concerns of borrowers and guidelines of mortgage industry to ensure compliance

Question 11

The CFPB has control and regulates what entities

Answer 11

• 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)

Question 12

what does OCC stand for

Answer 12

Office of the Comptroller of the Currency

Question 13

what does OTS stand for

Answer 13

Office of Thrift Supervision

Question 14

what does FDIC stand for

Answer 14

Federal Deposit Insurance Corporation

Question 15

what does NCUA stand for

Answer 15

National Credit Union Administration

Question 16

what does HUD stand for

Answer 16

The Department of Housing and Urban Development

Question 17

what does FTC stand for

Answer 17

Federal Trade Commission

Question 18

What does the OCC do

Answer 18

charters, regulates and supervises all national banks

Question 19

what does the OTS do

Answer 19

supervises, charters and regulates federal thrift institutions

Question 20

what does FDIC do

Answer 20

insures deposits and examine and supervises financial institutions

Question 21

what does the federal reserve do

Answer 21

established a federal charter for banks to make real estate loans and set up a way to influence rates

Question 22

what does NCUA do

Answer 22

Charters and supervises federal credit union

Question 23

what does HUD do

Answer 23

address housing needs, that improve and develop the Nation’s communities, and enforce fair housing laws.

Question 24

what does the FTC do

Answer 24

makes sure companies compete fairly and don’t mislead or trick people about their products and services.

Question 25

The CFPB has regulatory authority to

Answer 25

investigate and conduct hearings on violations of most consumer protection laws

Question 26

The CFPB’s regulatory Authority allows it to

Answer 26

• Issue a cease and desist order
• Pursue civil action
• Refer criminal cases to DOJ
• Must refer potential tax law violations to IRS