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Simple English definitions for legal terms

Dodd-Frank: Title X - Bureau of Consumer Financial Protection

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A quick definition of Dodd-Frank: Title X - Bureau of Consumer Financial Protection:

Dodd-Frank is a law that created a group called the Consumer Financial Protection Bureau (CFPB). The CFPB makes sure that companies that offer financial products and services to people follow the rules and treat people fairly. The CFPB has the power to make rules, investigate companies, and take them to court if they break the rules. States can also make their own rules to protect people, as long as they don't conflict with the federal rules. The CFPB took over some jobs from other government groups to make sure people are protected.

A more thorough explanation:

Definition: Title X of the Dodd-Frank Act created the Consumer Financial Protection Bureau (CFPB) as an independent agency within the Federal Reserve. The CFPB regulates the offering and provision of consumer financial products and services under federal consumer financial laws.

Purpose: The CFPB ensures that federal consumer financial laws are enforced consistently so that consumers can access markets for financial products that are fair, transparent, and competitive.

Provisions: The Bureau is headed by a Director who establishes four offices: The Office of Fair Lending and Equal Opportunity, The Office of Financial Education, The Office of Servicemember Affairs, and The Office of Financial Protection for Older Americans. The Bureau has the authority to administer, enforce, and implement federal consumer financial laws, including the power to make rules, issue orders, and issue guidance. The Bureau engages in investigations, requests information from covered persons, issues subpoenas or civil investigative demands, conducts hearings and adjudication proceedings, and commences civil actions in federal court seeking any appropriate or equitable relief against any person that violates a federal consumer financial law.

Examples: The CFPB has the authority to investigate and take action against financial institutions that engage in unfair, deceptive, or abusive practices. For example, the CFPB fined Wells Fargo $100 million for opening unauthorized accounts and charging customers for services they did not request. The CFPB also has the authority to regulate payday lenders, debt collectors, and credit reporting agencies to ensure that they comply with federal consumer financial laws.

Explanation: The examples illustrate how the CFPB enforces federal consumer financial laws to protect consumers from unfair, deceptive, or abusive practices by financial institutions. The CFPB's authority to regulate payday lenders, debt collectors, and credit reporting agencies ensures that these industries operate fairly and transparently. The CFPB's enforcement actions against Wells Fargo demonstrate the Bureau's commitment to holding financial institutions accountable for their actions.

Dodd-Frank: Title VIII - Payment, Clearing, and Settlement Supervision | Dodd-Frank: Title XI - Federal Reserve System Provisions

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WorthlessAttractiveZombie
9:35
Jack's just tweaking on LSD no biggie
to be fair this accurately represents my mental state
election day psychosis coming in hot (fordham)
usc pls pull through .....
i literally just need one A so i can relax before my ED decision
WorthlessAttractiveZombie
9:38
oh that's right USC might release
soapy
9:43
USC still has not looked at my app
WorthlessAttractiveZombie
9:43
when did you submit soapy?
soapy
9:44
10/16
WorthlessAttractiveZombie
9:44
to be fair it took them almost 2 months for me to go under review
soapy
9:44
Feelin a bit stressed, as I've got no date change for Michigan either despite applying 10/7
WorthlessAttractiveZombie
9:45
I have not had a date change either for Mich but I've seen people get in without one so who knows
I applied 9/25 to like 6 schools and some (Houston) have no date change yet so dw
soapy
9:46
But do people get in without addresses going long?
WorthlessAttractiveZombie
9:46
it's tough to tell because a lot of people type out their addresses long to begin with
soapy
9:46
Ah. I didn't. Looking back, my Mich supplement kind of sucks, so there's that
Mich overrated (Dean Z please let me in even tho i didnt apply and I am below both 25ths)
ClassyPleasantHeron
10:01
The "date changes" at Michigan really don't mean anything. We had to do them in undergrad admissions whenever a Georgia applicant picked the country instead of the state, because we'd have to remove the TOEFL requirement and reassign the application from the international application readers.
soapy
10:06
Classy, does that mean they may look at your application, and that look doesn't necessarily trigger any date change?
1a2b3c4d26z
10:06
Man
1a2b3c4d26z
10:07
Walkin to the bus
1a2b3c4d26z
10:07
What a good day to get into law school
ClassyPleasantHeron
10:11
@soapy: I don't know for sure about the law school. For undergrad, once the application is complete, it's assigned to a reader the following Monday. If we had to make any changes, it's because a reader saw something that needed to be changed and the application needed to be re-read after that change.
soapy
10:12
Ahh, got it. Thank you for the insight!
ClassyPleasantHeron
10:14
You're welcome. FWIW, I have no idea what's up with the address changes. We didn't have to do any of that, except for the Georgia state vs country kinds of things.
soapy
10:15
I've heard it theorized that some schools will change the address from "St." --> "Street" as they prepare to send out admissions packets. That's the rumor, anyways.
i think it just indicates a change in status like under review or stages of review
my stanford address went long as soon as it was marked complete lmao
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