Summary Of The Dodd Frank Wall Street Reform Act

The Dodd- Frank Wall Street Reform and Consumer Protect doing of 2010 establishes the Consumer fiscal Protection chest and requires it to establish five divisions including the potential of Fair Lending and Equal Opportunity.[1] In addition, as a federal financial regulator, the Bureau has a duty affirmatively throw out middling housing under The Fair Housing collation of 1968, as amended.[2] The term fair modify is circumscribed in the constitute to mean fair, equitable, and nondiscriminatory access to credit for consumers.[3] This definition provides the Consumer pecuniary Protection Bureau with the discretion to broadly interpret and countersink what constitutes a fair contribute violation under the Act. world-wide Powers The Office of Fair Lending and Equal Opportunity has the find to enforce twain the Equal credit Opportunity Act[4] and the alveolar consonant plate Mortgage Disclosure Act.

[5] The Bureau is responsible for: heed and enforcement 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 national 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, civic rights, consumer and community advocates on the promotion of fair lending accordance and education; and providing annu al reports to Congress on the efforts of the! Bureau to suffer 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, political entities, and creditors to identify business and community evolution needs and opportunities of women-owned, minority owned, and small businesses.[8] This...If you want to get a full essay, invest it on our website: OrderCustomPaper.com

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