Question

Dodd-Frank is an act which is not, technically, fully written. One portion of this act which has gotten much attention in the past year is the “CFPB”. Provide an explanation of what CFPB is and what it does, in general. Also, provide some background as to why the agency has been in the news so much over the, say, past three to six months. (You are limited to one type-written page or less for your answer.)

Answer 1

CFPB: MEANS: CONSUMER FINAICIAL PROTECTION BUREAU,

IT IS REGULATERY AGENCY RELATING TO FINACIAL PRODUTS AND SERVICE, THOSE ARE OFFERD TO CONSUMERS

CFB WORKS FOR EDUCATING CONSUMER I.E AWARENSESS AND PROTECTION OF CONSUMER ON VARIOUS FINANCIAL PRODUCTS AND SERVICES.

CFB WORKS FOR THE PROVIDE TRANSPARANT AND FINANCIAL PRICES AND RISKS.

CFPB CREATED BY DODD - WALL STREET REFORM AND PROTECTION OF COSUMER ACT OF 2010.

CFPB HEADED BY CHEIF, WHO IS APPOINTED BY PRESIDENT FOR THE PERIOD OF 5 YEARS,

CONSUMER ADVIOSERY COUNCIL WILL ASSIT THE CFPB RELATING TO FINANCIAL PRODUCTS AND SERVICES.

FLLOWING ASSITENCE BY CFPB FOR INDIVIDUALS.

1) PROVIDE THE FINANCIAL GUIDENCE FOR PRIVATE INDIVDUAL: EG: FOR STUDENTS COLLEGE FEE. ETC

2) RETIERMENT PLANING

3) FOR HOME BUYER: RATE OF INTREST AND MONTHLY INSTALMENT AND LOAN COMPARISION.

4) ACESS THE TRANSPARANT AND FINANCIAL PRICES AND RISKS.

AGENCY IN NEWS:

1) Trump administration wants to limit federal regulation indecency in policing the consumer finance industry.

2) CFPB director would answer directly to president instead of being fully independent.

3) Trump wants executive and legislative branches over the bureau’s regulations

4) The changes would be a substantial departure from the CFPB’s structure. Since now control are going place CFPB on decision making related to polices. This bring the control on independence.