CFPB and lenders Flashcards
1
Q
Which agency enforces Reg B?
A
CFPB - the consumer financial protection bureau
2
Q
When was the CFPB created?
A
2010
3
Q
What Act was passed that created the CFPB?
A
The Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010.
4
Q
When a Finance Company or Bank violates provisions of Reg B…what could be lost?
A
- Reputation
- Financial Penalties above $500,000
- Cease and desist actions
