Dodd-Frank Act of 2010

Question 1

Are accountants regulated by the Consumer Financial Protection Bureau?

Answer 1

No, they are not regulated by the Consumer Financial Protection Bureau.

Question 2

Which entities are subject to the new regulation by the Consumer Financial Protection Bureau (CFPB)?

Answer 2

Most creditor providers and banks and credit unions with assets over $10 billion.

Question 3

Describe the impact of Dodd-Frank upon the accounting profession.

Answer 3

Its impact is relatively minor.

Question 4

List three new agencies created by Dodd-Frank.

Answer 4

1. FSOC (Financial Stability Oversight Council);
2. CFPB (Consumer Financial Protection Bureau; and
3. A new federal insurance regulator.

Question 5

Describe one effect of Dodd-Frank on PCAOB.

Answer 5

It authorizes the PCAOB to monitor auditors of nonpublic broker-dealers.

Question 6

What is the range of Dodd-Frank rewards for whistleblowers as a percentage of money sanctions over $1 million?

Answer 6

Reward range is 10-30%.

Question 7

Must accounting errors that led to erroneous bonus payment be intentional in order for the Dodd-Frank executive compensation “claw back” provision to apply ?

Answer 7

No, accounting errors do not have to be intentional.

Question 8

What is the duty of the Consumer Financial Protection Bureau (CFPB)?

Answer 8

It consolidates most federal regulation of financial services.