Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

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

Read a random definition: spot zoning

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

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
matt gaetz ethics report released
paid for sex with a junior in high school
guarantee people still defend him
BulbasaurNoLikeCardio
9:51
I only read headlines and skimmed a random article of it since I am the only one at work this week. Seems like he is Republican Hunter Biden but not at the paying rent with poop paintings stage
ImpartialLion
9:55
Sent in my transcript at 6 am today and it’s processing. Think it will be processed before lsac closes tmrw?
BulbasaurNoLikeCardio
9:58
I would say it is a toss up, for how much LSAC charges us for everything they are extremely efficient in processing and sending stuff out BUT with a 30% uptake in applicants and the holidays it may be significantly slower unless it is ran through and processed by a computer program. Even if it takes them longer to process it, not like there is anyone at a school to request and review it after LSAC does their thing
Do we know if any of the t14 open at all this week
just called Fordham. they said there will be decisions going out today
so congratulations on pre xmas waves
BulbasaurNoLikeCardio
10:27
Hope schools are chill and just send As leaving the Rs for next month lol
soap
10:49
Fingers crossed for good luck today
BulbasaurNoLikeCardio
10:56
@soap: really hoping to get that UTK call today
11:08
what if instead of a room of one’s own virgina Woolf wrote a cubicle of one’s own
UGA ED deferrals are coming out rn
Only 14 days left until HLS sends out their first wave of decisions. I'm thinking about re-using my advent calendar to help me count down
LSD+ is ad-free, with DMs, discounts, case briefs & more.