The part of the Dodd-Frank Act, a major financial reform bill passed in 2010, that has the largest impact on consumer credit markets is its:
A) establishment of the Bank Regulation Bureau
B) establishment of the Consumer Financial Protection Bureau
C) establishment of new laws that make it harder for college students to get credit cards
D) establishment of the Consumer Financial Regulation Bureau
E) none of the other choices are correct

Question

Quizplus · Accepted Answer

The establishment of the Consumer Financial Protection Bureau (CFPB) is the part of the Dodd-Frank Act that has the largest impact on consumer credit markets. The CFPB is responsible for enforcing consumer protection laws and regulating financial institutions to ensure they are treating consumers fairly. This includes overseeing the mortgage industry, credit reporting agencies, and credit card companies, among others. Its goal is to ensure that consumers have access to transparent and fair financial products and services.

The Part of the Dodd-Frank Act, a Major Financial Reform