Credit counselors are regulated under: a. Dodd-Frank - Consumer Financial Protection Act. b. the Fair Credit Billing Act. c. the Fair Debt Collections Practices Act. d. the Credit Repair Organizations Act.

Question

Business

Shyanne Douglas

21 November, 04:17

Credit counselors are regulated under: a. Dodd-Frank - Consumer Financial Protection Act. b. the Fair Credit Billing Act. c. the Fair Debt Collections Practices Act. d. the Credit Repair Organizations Act.

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Answers (2)

Know the Answer?

Landin Irwin · Answer 1

A. Dodd - Frank - Consumer Financial Protection Act

Explanation:

The Dodd - Frank - Consumer Financial Protection Act was passed into law on July 21, 2010 by President Barack Obama. The responsibilities of the Act are to take over direct and indirect supervision of most providers of consumer financial products and services like credit counselors and and will be empowered to declare individual acts or practices to be "unfair, deceptive, or abusive."

Pedro Hurst · Answer 2

The correct answer is letter "A": Dodd-Frank - Consumer Financial Protection.

Explanation:

Signed in 2010 by president Barack Obama (born in 1961), the Dodd-Frank Wall Street Reform and Consumer Protection Act rules providers of financial services such as counseling agencies, debt management plan providers, and mortgage foreclosure consultants to avoid abusive representation and unfair practices. The Consumer Financial Protection Bureau (CFPB) was created as well to enforce rules against those malpractices.