In an attempt to regulate home mortgage lending after the mortgage crisis of 2007, which of the following acts created an independent oversight agency tasked with the responsibility of overseeing and enforcing Federal consumer financial protection laws, enforcing anti-discrimination laws in consumer finance, restricting unfair, deceptive or abusive acts or practices, receiving consumer complaints, promoting financial education, and watching for emerging financial risks for consumers?

Question

Quizplus · Accepted Answer

The Dodd-Frank Wall Street Reform and Consumer Protection Act created the Consumer Financial Protection Bureau (CFPB) as an independent oversight agency with broad authority to regulate mortgage lending and other consumer financial products and services. The CFPB has the responsibility of overseeing and enforcing Federal consumer financial protection laws, enforcing anti-discrimination laws in consumer finance, restricting unfair, deceptive or abusive acts or practices, receiving consumer complaints, promoting financial education, and watching for emerging financial risks for consumers. The other options listed (ECOA, TILA, and RESPA) address specific aspects of home mortgage lending but do not create an independent oversight agency with as much regulatory authority as the CFPB.

In an Attempt to Regulate Home Mortgage Lending After the Mortgage