Question

In an attempt to regulate home mortgage lending after the mortgage crisis of 2007, which of the following acts created an independent oversight agency tasked with the responsibility of overseeing and enforcing federal consumer financial protection laws; enforcing antidiscrimination laws in consumer finance; restricting unfair, deceptive, or abusive acts or practices; receiving consumer complaints; promoting financial education; and watching for emerging financial risks for consumers?

a. Dodd-Frank Wall Street Reform and Consumer Protection Act
b. Equal Credit Opportunity Act (ECOA)
c. Truth-in-Lending Act (TILA)
d. Real Estate Settlement Procedures Act (RESPA)

Answer 1

a. Dodd-Frank Wall Street Reform and Consumer Protection Act

Step-by-step explanation:

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a federal law of the United States which was passed in the year 2010, 21st July. It was passed during Obama administration that was a reply to financial crisis in the year 2008.

This act promoted financial stability in United States of America by improving the transparency as well as the accountability in financial system. It protects the consumers from the abusive financial practices.