Agencies
Federal agency that is primarily responsible for regulating food, drugs, and medical devices in the United States.
What is the Food and Drug Administration?
This legislation created the Consumer Financial Protection Bureau (CFPB), which protects consumers from unfair, deceptive, or abusive practices related to mortgages, credit cards, and student loans. Named after two Congressmen.
What is the Dodd-Frank Act (2010)?
This act protects consumers from unfair credit billing practices by providing a means for consumers to dispute errors on their credit card bills.
What is the Fair Credit Billing Act?
This fast food chain was sued in 1994 when a woman suffered third-degree burns on her legs after spilling hot coffee she had just received. This was an example of product liability and tort law.
Who is McDonald's?
The four components of the Marketing Mix, also known as the "Four P's".
What is price, product, promotion, and place / distribution?
This agency prevents "unfair or deceptive acts affecting commerce".
What is the Federal Trade Commission (FTC)?
This 1968 act requires lenders to provide standard disclosures about terms and costs of a loan; like the APR.
What is the Truth in Lending Act?
This act, often called the "truth in securities law", requires that investors receive financial information regarding securities that are being offered for public sale.
What is the Federal Securities Act of 1933?
In the 'Dieselgate' scandal, the FTC sued this company for deceiving consumers with 'Clean Diesel' advertising while installing 'defeat devices' to cheat emissions tests. They paid $14.7 billion in settlements in the U.S.
Who is Volkswagen?
This common business structure is favored by many entrepreneurs because it protects the owner's personal assets from business lawsuits, yet it is simpler to manage than a full corporation.
What is a Limited Liability Company (LLC)?
This regulatory agency was created in response to the 1929 stock market crash, and they seek to maintain fair, orderly, and efficient markets. They also prosecute inside trading cases.
Who is the Securities and Exchange Commission (SEC)?
This federal law is the foundation for the FDA's authority to oversee the safety of food, drugs, and cosmetics through pre-market approval and labeling requirements.
What is the Federal Food, Drug, and Cosmetic Act?
This law protects active duty service members and their families by capping interest rates on loans at 36%.
What is the Military Lending Act?
During the 1970s, this car manufacturer famously used a cost-benefit analysis to decide it was cheaper to pay out settlements for deaths than to fix a $11 gas tank defect in their 'Pinto' model.
Who is Ford Motor Company?
To combat high inflation in the mid-2020s, the Federal Reserve frequently adjusted this, making it more expensive for consumers to take out car loans or mortgages.
What is the Federal Funds Rate (or interest rates)?
This agency protects the public from unreasonable risks of injury or death from thousands of types of consumer products.
What is the Consumer Product Safety Commission?
Also known as the Financial Modernization Act of 1999, this law requires financial institutions to explain their information-sharing practices and safeguard sensitive data.
What is the Gramm Leach Bliley Act?
This executive department handles criminal prosecutions of consumer fraud and enforces federal antitrust laws.
What is the Department of Justice?
In 2016, the Consumer Financial Protection Bureau (CFPB) fined this major bank $100 million for opening millions of unauthorized accounts without customer consent to meet sales targets.
Who is Wells Fargo?
In the stock market, what term is used to describe a period where prices are falling and widespread pessimism causes the negative trend to self-sustain?
What is a bear market?
This proposed legislative concept aims to protect consumers from 'dark patterns,' deceptive design, and algorithmic discrimination in digital marketplaces.
What is the Digital Fairness Act?
The person in charge of the Department of Justice has this job title.
Who is the Attorney General?
Under the Truth in Lending Act (TILA), consumers generally have a 'right of rescission' for three business days on which specific type of transaction?
("rescission" = cancellation or undoing)
What is refinancing or taking out home equity loans on your primary residence?
When performing a SWOT analysis, which two components focus strictly on factors 'internal' to the business, such as its staff, patents, or location?
What are strengths and weaknesses?