Summary Of The Dodd Frank Wall Street Reform Act

The Dodd- Frank Wall Street Reform and Consumer Protect deed of 2010 establishes the Consumer fiscal Protection Bureau and requires it to establish five divisions including the authorization of Fair Lending and Equal Opportunity.[1] In addition, as a federal financial regulator, the Bureau has a duty affirmatively further middling housing under The Fair Housing morsel of 1968, as amended.[2]

The term fair modify is circumscribed in the Act to mean fair, equitable, and nondiscriminatory access to credit for consumers.[3] This definition provides the Consumer Financial Protection Bureau with the discretion to broadly interpret and define what constitutes a fair contribute violation under the Act.

general Powers

The Office of Fair Lending and Equal Opportunity has the cause to enforce both the Equal credit Opportunity Act[4] and the dental plate Mortgage Disclosure Act.



[5]

The Bureau is responsible for:

oversight 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 Federal agencies and State regulators, as get hold of;

promoting consistent, efficient, and effective enforcement of Federal fair lending laws;

working with surreptitious industry, fair lending, civil rights, consumer and community advocates on the promotion of fair lending compliance and education; and

providing annual reports to Congress on the efforts of the Bureau to fulfill its fair lending mandate.[6]

The Equal Credit Opportunity Act was amended to require the collection of lilliputian Business Loan Data.[7] The purpose of this amendment is to facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community evolution needs and opportunities of women-owned, minority owned, and small businesses.[8]

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