CFPB Flashcards
Consumer Financial Protection Bureau
When was CFPB implemented?
A. 2000
B. 2011
C. 2015
D. 1995
Correct answer: B
B is correct because the CFPB was founded on the 21st of July 2011. The bureau was started due to the 2010 Dodd-Frank Act, where it became tasked with implementing and enforcing federal consumer laws and ensuring access to markets for all and that products sold are fair, transparent, and
competitive.
What does CFPB do?
A. They police markets and fine sellers who go against their regulations.
B. They oversee and enforce consumer laws.
C. They ensure all consumers can access markets.
D. The bureau encourages fair, transparent, and competitive markets.
E. All of the above.
Correct answer: E
E is correct, as the CFPB is in charge of looking after consumer laws in both the making and enforcing of their policies. These are related to ensuring consumers can access markets regardless of who they are while ensuring that the products they buy are sold in a fair, transparent, and
competitive market environment.
How does CFPB make consumer financial markets fair?
A. They fish out deceitful practices in the industry.
B. They welcome consumer feedback.
C. Enforcing their laws through harsh penalties.
D. Advocating for financial education.
E. All of the above.
Correct answer: E
E is correct because the CFPB is the authority and regulator to ensure fair
business practices and markets. They oversee industry practices, relying on
consumer feedback to ensure they are fulfilling their goals while also encoding harsh penalties that go against their policies. They also endorse and develop financial education programs to make financial affairs in the USA a much safer industry.
CFPB is made up of how many departments?
A. One.
B. Three.
C. Five.
D. Six.
Correct answer: D
D is correct because the CFPB comprises six different departments to ensure that the bureau can cover all the main basis of its organizational goals. These include Supervision and Enforcement, Consumer Engagement and Education, Research, Markets and Regulations, External Affairs, the General Counsel, and the Chief Operating Officer.
What role does the Supervision and Enforcement CFPB have?
A. They enforce their laws.
B. They supervise companies.
C. They look after markets and consumers.
D. A & B.
Correct answer: D
D is correct because the Supervision and Enforcement department oversees
the general operations of companies and enforces their laws to enact penalties if there are any wrongdoings.
What role does the Consumer Engagement and Education CFPB have?
A. Getting advice from the public.
B. The public chooses the law.
C. Employed teachers in the CFPB.
D. Society-wide education programs.
E. A & D.
Correct answer: E
E is correct, as the Consumer Engagement and Education department focuses on getting consumer feedback to find faults in their system for further improvement. This can lead to law changes or the development of education programs to ensure fairer market practices across the board.
What role does the Research, Markets, and Regulations CFPB have?
A. Impediment market laws.
B. Oversee markets and products.
C. Research the market and laws.
D. All of the above
Correct answer: C
C is correct because the Research, Markets, and Regulations department of the CFPB is responsible for the research side of the department. They use the data gathered from other departments to see what can be improved and propose changes.
How long does it take to file a complaint with CFPB?
A. Thirty days
B. Sixty days
C. Fifteen days
D. Ninety days
Correct answer: C
C is correct, as the CFPB estimates it will take three weeks or fifteen working days for a filed complaint to be reported back to the reporter. During this process, the complaint will be sent to the business complained
about, and the waiting time can take longer if the company takes longer to respond than others. Information about the report will be retained, but any personal information about the reporter will be removed.
Are CFPB complaints recorded in a database?
A. True
B. False
Correct answer: A
A is correct, as the CFPB records any reports to the bureau in their Consumer Complaint Database. This allows them to keep track of the financial marketplace and protect consumers, all while keeping the identity
of the complainer anonymous while also reporting the aliment of their problem.
What role does the Chief Operating Officer CFPB have?
A. The head of CFPB
B. The officer who issues fines.
C. The military head of the CFPB
D. This is not a CFPB department.
Correct answer: A
A is correct, as the Chief Operating Officer is the brains and arm of the CFPB, delivering orders while also overseeing the complete operation of the bureau.
