Role Of The Consumer Financial Protection Bureau - 1433 Words

Tamara Rose Week 2 Homework MGM520 1. State the administrative agency that controls the regulation. Explain why this agency and your proposed regulation interest you (briefly). Will this proposed regulation affect you, or the business in which you are working? If so, how? The regulation that I have chosen for this paper is amendment in the Regulation X i.e. â€Å"Real Estate Settlement Procedures Act† and Regulation Z which is for â€Å"Truth in Lending†, for establishing the new disclosure requirements and forms in Regulation Z for the most closed-end consumer credit transactions secured by the real property. This regulation is controlled by the Bureau of Consumer Financial Protection. The role of the Consumer Financial Protection Bureau (CFPB) is to provide consumers information related to the terms of their agreements with financial companies during their application for a mortgage, choosing among credit cards, or using any number of other consumer financial products. The mortgage market is the single largest market for the consumer of financial products and the services in the United States, with approximately $10.4 trillion in loans outstanding. Since last decade, market went through an unprecedented cycle of the expansion and the c ontraction that was fuelled in the part by securitization of mortgages and the creation of increasingly sophisticated derivative products. This led to the collapse of financial system in 2008 and sparked the most severe recession in United States.Show MoreRelatedWhy The Cfpb Has The Authority Of A Regulations That Restrict Backoffices Transactions1071 Words   |  5 Pagesagainst the citizens financial data while BackOffice tracking the financial data through applications that connected to the bills sender. This data protection is one of the CFPB s mission which is strictly protect the citizens financial data, the bill sender that through a BackOffice third party billing applications would also transmit the consumer privacy data, it is the primary focus of consumer protection. Dealing with the constitutional rights, CFPB actually protects the consumer s right to obtainRead MoreFinancial Education : An Organization For The World Of Economics And Finance905 Words   |  4 Pagesterm financial education is consented to be general and clearly recognized. In an effort to develop sound financial decision making amongst consumers, under which financial literature from current ongoing financial education programs is analyzed, education is the main delivery route. 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I explored the Consumer Financial Protection Bureau (CFPB) and t he possibility of regulations that could regulate and restrict the kind of transactions that BackOffice will automate and that these regulations could adversely affect the market for the new app. According to (About us, 2015) â€Å"The Dodd - Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd - Frank Act) established the CFPB.† This organization educates the consumer about abusive practices, enforceRead MoreThe Dodd Frank Wall Street Reform And Consumer Protection Act Essay1486 Words   |  6 PagesA magnified outlook on The Dodd Frank Wall Street Reform and Consumer Protection Act. The united states is currently the proprietor of nearly nineteen trillion dollars in debt, and that number continues to increase to by 2.53 billion per day. With close to three hundred million people in the united states each shared citizen’s debt would be around sixty-one thousand dollars. (debt calculator website). 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