A new _____ has broad powers to write consumer-protection rules for banks and other firms that offer financial services.
A) Federal Financial Institutions Examination Council
B) Volcker Rule
C) Financial Stability Oversight Council
D) Consumer Financial Protection Bureau
E) Federal Deposit Insurance Corporation

Question

Quizplus · Accepted Answer

The Consumer Financial Protection Bureau (CFPB) is a regulatory agency created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. Its role is to protect consumers from financial fraud and unfair or deceptive practices in financial products and services. The bureau has broad powers to write and enforce rules for financial firms, and to investigate and penalize those that violate consumer protection laws.

A New _____ Has Broad Powers to Write Consumer-Protection Rules