Can the Consumer Financial Protection Bureau (2024)

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Can the Consumer Financial Protection Bureau or Better Business Bureau accredit companies? Does that agency require a fee for accreditation? (1 point)Only the BBB accredits companies, and it requires a fee for accreditation.Only the CFPB accredits companies, and it requires a fee for accreditation.Only the BBB accredits companies and does not require a fee for accreditation.Both the CFPB and the BBB accredit companies, but the CFPB offers free accreditation while the BBB requires a fee.

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#### Solution By Steps***Step 1: Identify the Accrediting Agency***The Better Business Bureau (BBB) accredits companies, not the Consumer Financial Protection Bureau (CFPB).***Step 2: Determine Accreditation Fee***The BBB requires a fee for accreditation.#### Final AnswerOnly the BBB accredits companies, and it requires a fee for accreditation.#### Key ConceptAccreditation Agencies#### Key Concept ExplanationThe Better Business Bureau (BBB) is an agency that accredits companies, while the Consumer Financial Protection Bureau (CFPB) does not. The BBB typically charges a fee for accreditation, unlike the CFPB.

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Which of the following descriptions best fits the Consumer Financial Protection Bureau (1 point) It is a government agency designed to help financial companies find potential consumers It is a government agency that makes sure financial companies treat consumers fairly It is a nonprofit nationwide bank It is a for-profit company designed to help consumers find trustworthy companiesAnswered step-by-step 1 answer Check Your Knowledge What percentage of your gross salary does the Consumer Financial Protection Bureau suggest your student loan payment be in order to be affordable and limit your risk of delinquency and default No more than 14 No more than 20 No more than 8 None of the above Check AnswerAnswered step-by-step 1 answer These excerpts are from a 2011 debate in the US Congress concerning financial reform One of the provisions of a proposed bill that will hinder economic growth and the creation of new jobs is the massive new bureaucracy called the Consumer Financial Protection Bureau or CFPB Everyone supports consumer protection but the CFPB was given virtually unlimited power to dictate the types terms and prices of financial products and services that consumers and small businesses can obtain from their bank or other credit provider The burden of this credit rationing will fall most heavily on lower-income and middle class families as well as the small businesses that create about 80 percent of all new jobs Rather than being protected consumers are likely to be denied the products they want and need -US House Committee on Financial Services report 2011 We have all seen the consequences of a regulatory system in which no single regulator has the authority and the comprehensive tools necessary to ensure that the consumer financial markets work for American families For years we have seen the growth of fine print that hides important and complex terms fine print that makes it almost impossible for consumers to know what they are really getting into when they sign on the dotted line As a country we are all paying the price for a consumer credit system that was broken -Elizabeth Warren US Treasury Department 2011 Which basic assumption behind the committee report is not a basic assumption behind Warrens statement A Concentrated authority is a threat to freedomAnswered step-by-step 1 answerWhich federal government entity has authority over HOEPA regulations including publishing new rules and clarifications to existing rules The Department of Housing and Urban Development The Consumer Financial Protection Bureau The Federal Trade Commission The Office of Thrift SupervisionAnswered step-by-step 1 answerWhich federal agency regulates mortgage lending The Federal Deposit Insurance Corporation (FDIC) All the choices have a role in regulating mortgage lending The Consumer Financial Protection Bureau (CFPB) Office of the Comptroller of the Currency (OCC)Answered step-by-step 1 answer

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