Chapter 9: Consumer Financial Protection Bureau

Question 1

CFPB

Answer 1

1. Consumer Financial Protection Bureau is an agency that helps prevent deceptive, unfair and abusive practices by lenders. For those breaking the law, CFPB usually takes legal action
2. To ensure fair practice, CFPB regularly empowers and advises Americans on how to watch out fraud in the lending industry and make sound financial decisions.
3. The CFPB was created during the great recession of 2007-2008 and this was followed by the enactment of Dodd-Frank Wall street reform and consumer protection Act in July 2010
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