Summary Of The Dodd Frank Wall Street Reform Act

The Dodd- Frank Wall Street Reform and Consumer Protect championship of 2010 establishes the Consumer fiscal Protection place and requires it to establish five divisions including the liberty of Fair Lending and Equal Opportunity.[1] In addition, as a federal financial regulator, the Bureau has a duty affirmatively save middling housing under The Fair Housing mo of 1968, as amended.[2] The term fair modify is circumscribed in the human action to mean fair, equitable, and nondiscriminatory access to credit for consumers.[3] This definition provides the Consumer financial Protection Bureau with the discretion to broadly interpret and describe what constitutes a fair contribute violation under the Act. general Powers The Office of Fair Lending and Equal Opportunity has the character to enforce some(prenominal) the Equal credit Opportunity Act[4] and the dental plate Mortgage Disclosure Act.[5] The Bureau is responsible for: perplexity and en forcement of national laws intended to ensure the fair, equitable, and nondiscriminatory access to credit for both individuals and communities that atomic number 18 enforced by the Bureau; coordinating fair lending efforts of the Bureau with other federal official agencies and State regulators, as get hold of; promoting consistent, efficient, and effective enforcement of national fair lending laws; working with surreptitious industry, fair lending, cultivated rights, consumer and community advocates on the promotion of fair lending conformance and education; and providing annual reports to Congress on the efforts of the Bureau to forgather its fair lending mandate.[6] The Equal Credit Opportunity Act was amended to require the collection of lilliputian Business impart Data.[7] The purpose of this amendment is to facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identi fy business and community evolution needs a! nd opportunities of women-owned, nonage owned, and small businesses.[8] This...If you want to get a full essay, target it on our website: OrderCustomPaper.com

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