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13 Cards in this Set
- Front
- Back
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Dodd-frank & CPA, main purpose... |
promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. |
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Title X of dodd-frank is called? |
consumer protection act (CPA) |
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What does title-X CPA create? |
Bureau of Consumer Financial Protection within the Federal Reserve Boar |
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What is CFPB's job? |
supervises certain financial firms and serve as a rule maker and enforcer against unfair, deceptive, abusive, or otherwise prohibited practices relating to most consumer financial products or services. |
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What laws do the CFPB oversee? |
1.TILA 2.RESPA 3.HPA 4.FCRA 5.FACTA 6.ECOA 7.HMDA 8.HOEPA 9.SAFE act |
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What law does title XIV (mortgage reform & anti-predatory lending) amend? |
TILA and other consumer financial laws |
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main purpose of title XIV (mortgage reform & anti predatory lending act)? |
prevent mortgage-related abuses and to ensure availability of responsible, affordable mortgage credit. addresses compensation-based incentives; inappropriate steering, discrimination, and other abusive, unfair, deceptive or predatory practices; minimum federal lending standards; high-cost mortgages; mortgage servicing; and appraisals. |
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What did title XIV mortgage reform and anti predatory lending act amend to TILA? |
-triggers that define a HIGH-COST loan. -pts and fees exceeding 5% on loan at least $20,000 or 8% or a certain dollar amy below $20,000 -prepayment penalty applicable for more than 3years after closing or exceeds 2% -APR exceeding APOR, 6.5% on 1st lien loan for $50,000 or more than 8.5% on smaller 2nd liens |
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Title X is? |
Consumer Financial Protection Act |
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Title XIV is? |
Mortgage reform & anti-predatory lending act |
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Power to enforce Lending Laws ,CFPB creates |
office of fair lending and equal credit opportunity act within the CFPB |
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the Mortgage Reform Act |
requires the Federal Reserve Board to prescribe regulations that prohibit a mortgage originator from engaging in any abusive or unfair lending practice that promotes disparities based on race, ethnicity, gender or age among consumers of equal creditworthiness. |
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ATR/QM, ability to repay/qualified mortgage |
was implemented in 2010 by dodd-frank, however, in 2009 TILA was amended with an ability to repay that falls under reg-z and was adopted by FRB. |
