Summary Of The Dodd Frank Wall Street Reform Act

The Dodd- Frank Wall Street Reform and Consumer Protect achievement of 2010 establishes the Consumer fiscal Protection assurance and requires it to establish five divisions including the agency of Fair Lending and Equal Opportunity.[1] In addition, as a federal financial regulator, the Bureau has a duty affirmatively provided middling housing under The Fair Housing bit of 1968, as amended.[2] The term fair modify is circumscribed in the execution to mean fair, equitable, and nondiscriminatory access to credit for consumers.[3] This definition provides the Consumer fiscal Protection Bureau with the discretion to broadly interpret and fructify what constitutes a fair contribute violation under the Act. command Powers The Office of Fair Lending and Equal Opportunity has the intellect to enforce both(prenominal) the Equal credit Opportunity Act[4] and the alveolar consonant plate Mortgage Disclosure Act.

[5] The Bureau is responsible for: relapse 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, cultured rights, consumer and community advocates on the promotion of fair lending complaisance and education; and pr oviding annual reports to Congress on the ef! forts of the Bureau to fulfill its fair lending mandate.[6] The Equal Credit Opportunity Act was amended to require the collection of lilliputian Business contribute 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, nonage owned, and small businesses.[8] This...If you want to get a full essay, pose it on our website: OrderCustomPaper.com

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