Question 1

As of 2018, the acting head of the Consumer Financial Protection Bureau has requested all but which of the following changes to the Dodd-Frank Act?

Accepted Answer

The Consumer Financial Protection Bureau (CFPB) is funded through the Federal Reserve rather than through taxes and fines from regulation violations. The other options (B, C, D) were indeed changes requested to the Dodd-Frank Act to increase oversight and accountability of the bureau.

Question 2

Discuss ARMs and their regulation.

Accepted Answer

The answer of Discuss ARMs and their regulation....

Question 3

Holly, who is married to Grant, applies for a credit card from Marlin's Department Store, but she is turned down because she is a married woman and the store's policy is to only issue cards in the name of the husband in such situations. What are her legal rights in this situation?

Accepted Answer

The answer of Holly, who is married to Grant, applies...

Question 4

The Interstate Land Sales Full Disclosure Act (ILSA) applies to sales or leases of one hundred or more lots of unimproved land as part of a common promotional plan in interstate commerce. The Act:

Accepted Answer

The Interstate Land Sales Full Disclosure Act (ILSA) indeed requires developers to file a detailed statement of record with HUD, provides a right of revocation to purchasers or lessees, and is administered by the Consumer Financial Protection Bureau, making all the provided statements true.

Question 5

a. What was the common law rule with respect to consumer transactions? How has this rule been changed by recent statutory enactments? 
b. Why do you think there were so many consumer protection statutes passed in the last fifty years?

Accepted Answer

The answer of a. What was the common law rule...

Question 6

Roscoe Braun, who lives in Cleveland, receives a mailing from Florida from the SwampLand and Reclamation Project. It states that the Brauns can purchase one-acre sites as part of a newly planned development located in Leon County, Florida. The Brauns contact the company and are given a purchase agreement but no additional information. They sign the purchase agreement and send it back. Then, a week later they decide they would prefer to winter in either New Zealand or Australia. Can the Brauns get out of the contract?

Accepted Answer

The answer of Roscoe Braun, who lives in Cleveland, receives...

Question 7

Homemade Soup Co. has advertised their soup in certain magazines using photographs showing bowls of their soup with pebbles at the bottom of the bowl. The pebbles were used to displace the soup in the bowl, forcing the vegetables and meat to the surface. This photographer's trick made the soup appear heartier than it was. An FTC staffer is thumbing through the latest edition of her favorite magazine. She notices the Homemade Soup Co. ad and goes to her kitchen, opens up a bowl of Homemade's soup and decides that her bowl of soup looks nothing like the one in the ad. What are the steps the FTC would take to proceed against Homemade Soup Co.?

Accepted Answer

The answer of Homemade Soup Co. has advertised their soup...

Question 8

Discuss the role of the state attorneys general in consumer protection.

Accepted Answer

The answer of Discuss the role of the state attorneys...

Quiz 44: Consumer Protection

As of 2018, the acting head of the Consumer Financial Protection Bureau has requested all but which of the following changes to the Dodd-Frank Act?

Discuss ARMs and their regulation.

Holly, who is married to Grant, applies for a credit card from Marlin's Department Store, but she is turned down because she is a married woman and the store's policy is to only issue cards in the name of the husband in such situations. What are her legal rights in this situation?

The Interstate Land Sales Full Disclosure Act (ILSA) applies to sales or leases of one hundred or more lots of unimproved land as part of a common promotional plan in interstate commerce. The Act:

a. What was the common law rule with respect to consumer transactions? How has this rule been changed by recent statutory enactments? b. Why do you think there were so many consumer protection statutes passed in the last fifty years?

Discuss the role of the state attorneys general in consumer protection.