CHAPTER 2

Dodd-Frank Wall Street Reform and Consumer Protection Act

A federal law with the purpose to promote the financial stability of the united states by improving accountability and transparency in the financial system. It established the Consumer Financial Protections Bureau and new standards concerning a wide range of mortgage lending practices, including compensation of mortgage originators, federal mortgage disclosures, and mortgage servicing.

The Consumer Finacial Protectin Bureau was created by the A) Dodd-Frank Wall Street Reform and Consumer Protectin Act B) Feeral Home Loan Bank Act C) Federal Reserve Act D) Natinal Housing Act

A) Dodd-Frank Wall Street Reform and Consumer Protectin Act

All of the consumer protection responsabilities have been transferred to the CFPB for rule making and regulatory authority EXCEPT the A) Fair Housing Act B) Federal Deposit Insurance Corporation C) Office of the controller of the curency D) Office f thrift prevention

A) Fair Housing Act

Consumer Financial Protection Bureau (CFPB)

An agency funded by the Federal Reserve with rulemaking nd enforcement authority over many consumer financial laws It was established under the Title X of the Dodd-Frank Act

Average prime offer rate (APOR)

An annual percentage rate derived from average interest rates, points, and ther loan pricing terms that are curently offered to consumers by a representative sample of lenders for mortgage transactions that have low-risk pricing characteristics.

APOR

Average prime offer rate

Which legislation designtes federal privacy protection and consumer identificatin requirements under CFPB? A) Equal Credit Reporting Opportunity Act (ECOA) B) The Fair and Accurate Credit Transactions Act (HOEPA) C) Home Ownership and Equity Protection Act (HOEPA) D) Truth in Lending Act (TILA)

B) The Fair and Accurate Credit Transactions Act (HOEPA)

The Cnsumer financial protection act combined consumer protection respnsbilities under the CFPB from the follwing agencies except A) Federal agricultural Mortgage Corpration B) Federal Home Loan Mortgage Corporation C) Federal Natinal Mortgage Association D) Government National Mortgage Association

C) Federal Natinal Mortgage Association

Which legislation designates federal disclosure requirements under CFPB? A) Fair Credit Reporting Act (FCRA) B) Home wnership and Equity Protection Act (HOEPA) C) Truth in lending (TILA) D) U.S. Patriot Act

C) Truth in lending (TILA)

CFPB

Consumer Financial Protection Bureau

TRUE/FALSE The Mrtgage Reform and Anti-Predatory Lending Act requires MLOs to apply qualified loas as one way to prevent predatory lending practices.

TRUE

TRUE/FALSE The Dodd-Frank Wall Street Reform and Anti-Predatory Lending Act of 2010 established the Consumer Financial Protection Bureau

TRUE